NIFTY AUTO Weekly Outlook and Analysis:

For the Week: (May 10,2021 – May 14,2021)

NIFTY AUTO Index closed the week on a positive note gaining 178.60 points 1.85%.

Weekly High: 9,907.45

Weekly Low: 9,485.50

Weekly Close: 9,819.45

Weekly Support & Resistance For Nifty Auto Index:

The NIFTY AUTO index opened the gap down and traded volatile in the early part of the week tracking the broader market. The index witnessed muted buying in the later half of the week. We expect the index likely to continue this up move in a lacklustre manner going forward.

Technically on the daily charts, we see minor support on the downside for the NIFTY AUTO index lies at 9600 levels, whereas minor resistance on the upside is capped around 10050-10100 levels.

If the NIFTY AUTO index breaches minor support on the downside and closes below it, we may see a fresh break down and the index can drag towards major support on the lower side around 9400 and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 10300.

Currently, the NIFTY AUTO index is trading above 200 days exponential moving average and suggests the long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 9500 on the downside and 10200 on the upside.