NIFTY AUTO Weekly Outlook and Analysis:
For the Week: (April 05,2021 – April 09,2021)
NIFTY AUTO Index closed the week on positive note gaining 251.10 points 2.57%.
Weekly High: 10,044.60
Weekly Low: 9,749.35
Weekly Close: 10,022.60
Weekly Support & Resistance For Nifty Auto Index:
NIFTY AUTO index opened flat and witnessed short covering bout in opening session of the week. Index continued its muted rally in later half tracking broader strength and ended on positive note. We expect index could continue this rally if broader market remain resilient, momentum indicator also retreaded from oversold zone.
Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 9800 levels, whereas minor resistance on the upside is capped around 10150-10200 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 9600 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 10400.
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 9700 on downside and 10300 on upside.