NIFTY AUTO Weekly Outlook and Analysis:

For the Week: (May 24,2021 – May 28,2021)

NIFTY AUTO Index closed the week on positive note gaining 501.95 points 5.12%.

Weekly High: 10,344.50

Weekly Low: 9,785.90

Weekly Close: 10,312.40

Weekly Support & Resistance For Nifty Auto Index:

NIFTY AUTO index opened tad higher and rallied in early part of the week. Index consolidated in later half of the week despite volatile trading activity. Index ended near high point of the week tracking strong broader gain. We expect index likely to continue this up move going forward. 

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 10100 levels, whereas minor resistance on the upside is capped around 10500-10550 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 9900 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 10700.

Currently NIFTY AUTO index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 9950 on downside and 10650 on upside.