EquityPandit’s Outlook for NIFTY Auto for the week(April 29,2019 – May 03,2019):
NIFTY AUTO Index closed the week on positive note gaining -478.85 Points -5.34%
Weekly High: 9059.35
Weekly Low: 8458.50
Weekly Close: 8493.80
Nifty auto as can been seen in attached chart trading perfectly In classical upward channel pattern, due to auto major Maruti and HeroMotoCo poor results selling pressure has been seen in index.
Technically on the daily charts we see minor support on the downside for index lies at 8300- 8350 levels, whereas minor resistance on the upside is capped around 8750- 8700 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 8000- 8050 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 8900- 9000
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 8900- 9000 on upside and 8000- 8050 on downside.