Nifty Auto/Nifty relative strength chart (CNXAUTO/NIFTY) seems to have broken out of it long held weekly resistance. If this breakout goes through, we can see cyclical bullish trend on all major auto stocks. Looks like bullish times ahead for India's auto industry!
-The stock managed to close above its previous crucial resistance zone
-we saw a pennant breakout
-macd turned positive
-rsi at 59 needs to cross 63 for higher levels which will be achieved in the coming months
-if the stock manages to close above 1478 on monthly basis then we will achieve higher levels