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NIFTY AUTO Weekly Outlook and Analysis:

For the Week: (April 03, 2023 – April 07, 2023)

NIFTY AUTO Index closed the week on positive note gaining 130.40 points 1.08%.

Weekly High: 12,257.65

Weekly Low: 11,901.85

Weekly Close: 12,243.80

Weekly Support & Resistance For Nifty Auto Index:

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 12,125 levels, whereas minor resistance on the upside is capped around 12,350-12,400 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 11,950 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 12,500.

Currently NIFTY AUTO index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 12,000 on downside and 12,450 on upside.