I am extremely bullish on CNXAuto/NIFTYAUTO!
It is forming a flag pattern
Making higher highs with correcting RSI
Current consolidation might last few more months
Currently correcting on 4M timeframe
Top constituents by weightage
Mahindra & Mahindra Ltd. 20.36
Maruti Suzuki India Ltd. 19.97
Tata Motors Ltd. 11.67
Eicher Motors Ltd....
People are emotion , should i do entry on resitence Trendline
when you are trader , dont think about emotion on entry Position .Think always Technical Behaviour Entry Position , You Observe This you becomes A PROFESSIONAL Trader. Good Luck.
MARUTI:- formed rounding bottom pattern...
keep on radar. wait and watch lets break the resistance
As always, simple and neat charts so everyone can understand and not make it too complicated.
rest details mentioned in the chart.
will be posting more such ideas like this. Until that, like share and follow :)
check my other ideas to get to know...
Maruti near all time high and resistance
find attached chart we might go for handle invalid closing above ATH
Weekly RSI Negative divergence
if you are holding positions be cautious
2 days continuous selling from higher levels
📊 Script: MARUTI (MARUTI SUZUKI INDIA LIMITED)
📊 Nifty50 Stock: YES
📊 Sectoral Index: NIFTY AUTO / NIFTY500 / NIFTY
📊 Sector: Automobile and Auto Components
📊 Industry: Passenger Cars & Utility Vehicles
Key highlights: 💡⚡
📈 Script is trading at upper band of Bollinger Bands (BB) and giving breakout of it.
📈 MACD is giving crossover.
Today we are going to discuss Auto Index.
I have given an littile complicate forecast but it was needed to give you an complete picture because you may be having Maruti already in your portfolio.
1) See Maruti is likely to complete its L3 in that price range that mean L5 wont be long. Simply price wise there is not much space for upper side.