CNX Auto last close is below my monthly bearish level.
It will be interesting to see weather it sustains above bearish level.
Important levels are marked.
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Mahindra CIE Automotive is engaged in the Business of Production and sale of automotive components to original equipment manufacturing and other customers in india and overseas. which means they supply to TATA motors, Ashok leyland, TVS, Maruti etc.
Share holding pattern
Investors :- 72.19
FII :- 10.45 (-1%)
DII :- 7.84 (+1.8%)
Pubic :- 9.52 (+0.8%)
Stock has taken rejection from the S&R zone. Looks good to short below 2600 for quick targets of 2560, 2520
For confirmation, wait for 15-30 min candle close below the TL (Might take more than a session to hit the target)
P.S. Ignore if stock opens big gap down
Stock has been testing the long time S&R zone and in last 2 sessions has bounced from it with good volumes after making triple bottom.
INTRADAY - If stock opens around 800, gives TL break out from bottom to top and sustains above 805.50 then can target for 820 levels tomorrow. On the flip side if stock opens big gap up - around 805 levels and first 15 minute...
Stock has been trading in a range which is getting smaller and smaller. Volumes have been decreasing all this month.
If stock breaks lower TL (2400 levels) then can target 2375, 2355 and 2330 levels.
Consider upside (1-2%) if upper trendline breaks and stock crosses 2485 successfully.
P.S. As usual fall would be quite faster compared to the rise. Looks likely to...
Stock is slowly falling after forming triple top. Today it broke the support zone but bounced in last 15-30 minutes.
Looks good to short in coming days.
Intraday : Looks good below 731 for few quick points
Swing : Good if 30/60 minute candle closes below 727
P.S. Zone can act as good support, so Ignore if stock starts trading above 750/755 levels