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Informist, Friday, Jul. 31, 2026

MUMBAI – Nifty Auto is on the verge of a fresh breakout after the index closed in the green for the third consecutive week, technical analysts said. "Current chart structure is constructive and possesses high probability of fresh breakout," said Vipin Kumar, assistant vice president of research at Globe Capital Market Ltd.

Friday, Nifty Auto closed at 28744.15 points, up 1.6%. For the week, the index gained 5.6%, sharply outperforming the benchmark Nifty 50 index, which closed 2.6% higher. The sectoral index also outperformed the wider Nifty 200 index, which gained 2.5%.

"A decisive close above 29175 points could lead it towards 30000 and higher levels in near term," Kumar said. For the upcoming week, the index could find support between 27700 and 28000 points and is likely to face resistance at 29200-29500 points, Kumar said. Movement in the shares of automobile companies is also likely to be influenced by disclosure of wholesale sales data for July, due starting Saturday.

This week, shares of only two companies--Bosch and Tube Investments of India--within the Nifty Auto index closed in the red. Shares of the remaining 13 companies closed comfortably in the green. TVS Motor Co. and Ashok Leyland were the top performers, gaining 11.4% and 10.0%, respectively.

Closely following the leaders was Mahindra & Mahindra, which reported its June quarter financials on Thursday. The company's bottom line and top line both beat analyst expectations for the reporting quarter. The company expressed optimism for its automotive business, led by continued dominance of its SUV portfolio. "It presents a compelling investment case driven by a rare combination of strong demand visibility and a deep product pipeline," ICICI Direct said in a note. Analysts remain positive on the stock on the back of new product launches and demonstrated ability to grow faster than the market. 

Hyundai Motor also reported its earnings for the June quarter this week. Friday, Hyundai Motor's shares gained a staggering 8% to close at INR 2180.70 on the National Stock Exchange. This was despite a minor on-year contraction in its consolidated top line and a 35% fall in its bottom line. Hyundai Motor plans to launch two new cars in the ongoing financial year and said its volumes would grow 8-10% on the back of increasing capacity utilisation. Analysts expect its margins to recover and support a double-digit growth in earnings going forward.

Late Friday, Maruti Suzuki India disclosed its earnings. Its net profit fell year-on-year for the second consecutive quarter, despite revenue growing at its fastest pace in 15 quarters, as expenses rose at their sharpest rate in 16 quarters during the June quarter. The Swift maker said its profitability for the June quarter was impacted by a temporary change in the settlement cycle in payment to suppliers for select commodities amid surging costs. 

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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:

End

Reported by Anand JC

Edited by Akul Nishant Akhoury

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