EquityPandit’s Outlook for NIFTY Auto for the week (April 08, 2019 – April 12, 2019):
NIFTY AUTO Index closed the week on positive note losing +229.25 Points (+2.75%).
Weekly High: 8604.15
Weekly Low: 8236.35
Weekly Close: 8564.60
NIFTY Auto Index trading near to trend line resistance levels, if we see breakout buying attraction may resume in auto Sector. Technically on the daily charts we see minor support on the downside for index lies at 8000- 8050 levels, whereas minor resistance on the upside is capped around 8500-8550levels.
If Nifty AUTO index breaches minor support on the downside and closes below it we may see fresh break down and index can drag index towards major support on lower side around 7500- 7400 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 8800-8900
Currently Nifty AUTO index is trading below 200 days exponential moving average suggests long term trend is bearish.
EquityPandit’s analyst predicts range for the week is seen from 8800-8900 on upside and 7500- 7400 on downside.