Nifty Auto IndexLong
Auto Index BreakOut
Nifty Auto Index is clearly showing breakout on the weekly charts. Last week candles closed out of the symmetrical triangle. It was accompanies by RSI breakout of the last 20 weeks moving average.
Potential upside in the index possible for 2000 pts (+20%).
BO is converging with upcoming festival season in country and maybe precursor for good auto sales in the coming season. While Nifty is near ATH but Auto Index has been lagging owing to Chip Shortage which has been indicated to resolve from Jan'2022.
Next couple of weeks, we may see strong upside in auto sector.
Potential upside in the index possible for 2000 pts (+20%).
BO is converging with upcoming festival season in country and maybe precursor for good auto sales in the coming season. While Nifty is near ATH but Auto Index has been lagging owing to Chip Shortage which has been indicated to resolve from Jan'2022.
Next couple of weeks, we may see strong upside in auto sector.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.