EquityPandit’s Outlook for NIFTY Auto for the week (April 22,2019 – April 26,2019):
NIFTY AUTO Index closed the week on positive note gaining +328.15Points +3.80%
Weekly High: 9059.35
Weekly Low: 8639.1
Weekly Close: 8972.65
Nifty auto as seen buying attraction in the last week and momentum seems to be on the upside, buying can be done in Nifty auto components, trading near to upward channel resistance. If breakout seen huge buying attraction may be seen in Nifty Auto index. Technically on the daily charts we see minor support on the downside for index lies at 8700- 8600 levels, whereas minor resistance on the upside is capped around 9050- 9100 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 index towards major support on lower side around 8300- 8400 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 9300-9400
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 9300- 9400 on upside and 8300- 8400 on downside.