Bravetotrade

AUTO MAY HAVE BRIGHTER FUTURE

NSE:CNXAUTO   NIFTY AUTO
If you look at this comparison chart, CNX Auto has been lagging behind Nifty . But a careful look at the chart will suggest that this index has been in downtrend since 2018. When the index made a new high in Jan 2020, the Auto sector was in a mature downtrend. The March selloff looks like a shake off on CNX Auto chart.
Nifty has recovered 59% from the lows but this sector has recovered 85% from the lows. While Nifty is 4% away from its highs, this sector is 30% away from its highs. This means it still has room to perform 47% from the current levels.
For investment purposes every dip can be considered as buying opportunity.
Following charts look better.

AmaraRaja
BajajAuto
Bharatforge
EicherMotors
HeroMoto
M&M
Maruti
TVSMotors

This is just a personal opinion based on my technical approach to financial markets. Consult yourself or your financial advisor for further details.

Regards
jjsingh_2020
Comment: For live market analysis and discussions join me at t.me/jjsingh_2020
Posting some example charts foo this week

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