NIFTY AUTO Weekly Outlook and Analysis:
For the Week: (May 3,2021 – May 7,2021)
NIFTY AUTO Index closed the week on positive note gaining 43.90 points 0.46%.
Weekly High: 9,985
Weekly Low: 9,612.70
Weekly Close: 9,640.85
Weekly Support & Resistance For Nifty Auto Index:
NIFTY AUTO index opened tad higher amid broader gain in opening session. Index extended gain in early part of the wee track-ing gain in key indices. However, rally was short lived and gave up most of the gain in later half of the week. We expect index likely to continue its sideways corrective action going forward.
Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 9500 levels, whereas minor resistance on the upside is capped around 9750-9800 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 9300 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 10000.
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 9350 on downside and 9900 on upside.