Auto Stocks Outlook
Seen lower next week as fuel price hike worries mount
This story was originally published at 19:36 IST on 24 April 2026
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MUMBAI – Shares of companies part of the Nifty Auto index are expected to continue trading lower next week after the index closed in the red for the second consecutive week. The sectoral index is expected to trade lower, in tandem with the broader market, which has exhibited weakness owing to uncertainties around the ongoing war in West Asia.
Shares of automobile companies have also been jittery due to worries over a hike in retail prices of petrol and diesel amid rise in crude oil prices, potentially hurting the demand momentum created by the cut in goods and services tax. "Continued closure of the SoH (Strait of Hormuz) will force the government to raise retail fuel prices, in our view. We expect a Rs 10/ltr (INR 10 per litre) hike in the first round," Emkay Global Financial Services said in a report on Friday. "If crude prices do not normalise in the medium term, we expect further rounds of hikes along similar lines. We expect Autos (OEMs, ancillaries, lenders) and Cement to be key losers from the price hike."
Friday, the Nifty Auto index closed at 25652.85 points, down 0.7%. For the week, the index lost nearly 3%, much worse than the benchmark Nifty 50, which closed 1.9% lower and the Nifty 200, which lost 1.5%.
"The Nifty Auto index has witnessed a breakdown from a short consolidation on the daily chart, indicating emerging weakness," Vatsal Bhuva, technical and derivatives analyst at LKP Securities, said. "The index is currently trading at a crucial juncture, with its 20-day SMA (Simple Moving Average) aligned near the recent swing low, making this zone important for near-term direction," he said.
A decisive close below 25600 points is expected to trigger further downside in the sectoral index, which could then drag it down to around 25100-24800 points. Immediate support for the sectoral index is seen at around 25500 points while resistance is expected near 25900 points, Bhuva said.
Only four scrips that are a part of the 15-stock Nifty Auto closed in the green this week. Tube Investments of India and Exide Industries bucked the trend to close 6.4% and 3.9% higher for the week, respectively. Two-wheeler companies TVS Motor Co. Ltd. and Hero MotoCorp Ltd. were the top laggards this week within the sectoral index, down 6.6% and 5.1%, respectively. Technical analysts expect shares of Hero MotoCorp, Mahindra & Mahindra, TVS Motor, and Ashok Leyland to trade lower next week.
TOP HEADLINES
* Tube Investments arm to raise INR 1 bln via compulsory convertible pref shrs
* Force Motors acquires Veera Tanneries for INR 1.62 bln
* CIE Automotive Jan-Mar consol PAT rises 20.8% YoY to INR 2.49 billion
* M&M says number of patents granted to co has grown 20 times since 2016
* Maruti Suzuki's FY26 output hits record high of 2.35 mln units, up 12% YoY
* Tribunal says track assembly part of car seats, to attract lower tax rate
* Escorts Kubota launches three tractor models under Digitrac range
* Maharashtra Scooters Jan-Mar net profit falls over 92% YoY as sales down 9%
* TVS Motor announces entry into Zambia with eight products
* TVS Motor, Hyundai Motor sign pact to develop, sell electric 3-wheelers
* Ola Electric offers INR 50,000 discount on Roadster X+ 9.1 kWh motorcycle
* Popular Vehicles revenue jumps 69% in Jan-Mar, rises 15% in FY26
Following are the resistance and support levels for key automotive stocks for next week as per calculations based on their prices on the National Stock Exchange:
| Company | Price | Week-on-week change in % |
Resistance | Support |
| APOLLO TYRES LTD | 423.85 | (-)4.80 | 439.00 | 414.40 |
| ASHOK LEYLAND LTD | 169.90 | (-)2.80 | 174.00 | 166.30 |
| BAJAJ AUTO LTD | 9,576.00 | (-)2.00 | 9,724.00 | 9,454.00 |
| BALKRISHNA INDUSTRIES LTD | 2,225.40 | (-)4.50 | 2,329.10 | 2,135.10 |
| BHARAT FORGE LTD | 1,856.00 | (-)0.20 | 1,917.50 | 1,805.30 |
| BOSCH LTD | 36,690.00 | (-)2.20 | 38,286.70 | 35,496.70 |
| EICHER MOTORS LTD | 7,111.50 | (-)1.10 | 7,217.80 | 6,995.80 |
| EXIDE INDUSTRIES LTD | 342.80 | 3.90 | 351.90 | 334.80 |
| HERO MOTOCORP LTD | 4,961.50 | (-)5.10 | 5,106.80 | 4,868.80 |
| MAHINDRA & MAHINDRA LTD | 3,038.40 | (-)5.10 | 3,108.10 | 3,000.10 |
| MARUTI SUZUKI INDIA LTD | 13,048.00 | (-)3.00 | 13,368.00 | 12,818.00 |
| MRF LTD | 1,32,145.00 | (-)5.50 | 1,37,248.30 | 1,29,188.30 |
| SAMVARDHANA MOTHERSON INTERNATIONAL LTD | 125.70 | 0.50 | 130.50 | 122.90 |
| TATA MOTORS LTD | 424.55 | (-)3.30 | 441.40 | 412.70 |
| TATA MOTORS PASSENGER VEHICLES LTD | 350.50 | (-)2.70 | 359.60 | 342.90 |
| TVS MOTOR COMPANY LTD | 3,488.20 | (-)6.60 | 3,578.70 | 3,417.50 |
| Index | Levels | |||
| NIFTY AUTO | 25652.85 | (-)3.00 | 26225.20 | 25273.60 |
| NIFTY 50 | 23897.95 | (-)1.90 | 24364.90 | 23580.20 |
| BSE SENSEX | 76664.21 | (-)2.30 | 78233.30 | 75619.40 |
End
Reported by Anand JC
Edited by Tanima Banerjee
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