EquityPandit’s Outlook for NIFTY Auto for the week (May 18, 2020 – May 22, 2020):

NIFTY AUTO:

NIFTY AUTO Index closed the week on positive note gaining 297.95 Points 5.47%.

Weekly High: 6,033.95

Weekly Low: 5,502.80

Weekly Close: 5,745.70

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 5500 levels, whereas minor resistance on the upside is capped around 6000-6050 levels.

If NIFTY AUTO index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 5200 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 6300.

Currently NIFTY AUTO index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 5300 on downside and 6200 on upside.

Weekly Pivot Levels:
RESISTANCE 2: 6,291

RESISTANCE 1: 6,018

SUPPORT 1: 5,487

SUPPORT 2: 5,229