Niftyauto
NIFTY AUTO ANALYSISAuto Sector has rallied 75% since April, with increasing demand for personal vehicles in India. Technically, the price has always followed the long term trend line marked on the chart. The prices breached the trend line for the first time due to the COVID-19 related sell off.
The auto sector should correct and stay sideways for the coming days and offer good long term buying opportunities.
Based on the analysis, 7300 is a buying zone for auto stocks with a horizon of 1-2 years.
MARUTI KEY LEVELS SUPPORT AND RESISTANCE 12/06/2020 FRIDAYKey Levels for MARUTI SUZUKI : INTRADAY CHART ANALYSIS
UPPER BREAKOUT~5480
FIRST TARGET~5567
INTERIM RESISTANCE~5690
FINAL RESISTANCE~5813
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LOWER BREAKOUT~5391
FIRST TARGET~5327
INTERIM SUPPORT~5262
FINAL SUPPORT~5187
My views are for educational purposes only.
Please trade with caution and consult your financial adviser before trading.
#LETSTALKABOUTMARKETS- NIFTY AUTOAs we can see Nifty Auto is trading in a rectangle pattern. A strong support is placed at 5000 level making it a psychological level as well. Nifty Auto seems to be moving in a sideways pattern.
1. A sustainable breakout above 5500-5600 will give this index a new leg.
2. The current Bollinger Band trend shows that the volatility is reducing.
3. RSI retraced from the level of 60 which acted as a resistance. The momentum seems to be weakening.
4. It seems to be taking support at the mean level of BB, and any weakness from here can take the index to the levels of 5150-5050.
5. Nifty Auto may underperform in the coming days and test its support zone.