EquityPandit’s Outlook for NIFTY Auto for the week (May 06, 2019 – May 10,2019):
NIFTY AUTO Index closed the week on positive note gaining +262.55 Points +1.61%
Weekly High: 8578.95
Weekly Low: 8213.45
Weekly Close: 8381.45
Technically on the daily charts we see minor support on the downside for index lies at 8200– 8150 levels, whereas minor resistance on the upside is capped around 8500– 8550 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 8700– 8750
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 8700– 8750 on upside and 8000- 8050 on downside.