As per the Auto Index chart, it is consolidating in a downward diagonal channel, but there are companies in auto sector, (industrywise) which may outperform due to their strong fundamentals.
In Automobile Sector - Leading Companies Industrywise
1. AshokLeyland (Commercial Vehicle)
2. Jamna Auto/Automotive Axles (Auto Ancillaries)
3. VSTTractors/ Escorts ...
NIFTYAUTO index has been on a downtrend traversing through key supports. Now 7000 seems to be the support of last resort for the index.
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Positive Divergence is seen on Daily Chart of CNXAUTO. Could this be a relief in the auto sector? Maybe Yes? or Maybe Not? I searched on google about RSI Divergence(s) before posting this as my charts are generally based on Harmonics and I don't know about divergences or general technical analysis that much. This is on a Daily Timeframe so can be seen as a...
Hi all, CNXAUTO completed corrective structure to the upside opportunity
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Auto Sector the consolidation phase is likely to continue
I am looking this current phase will likely to end near 8175
Expect dramatic Move before it makes U turn in the last phase of consolidation
One can look for sell on rise Opportunity in Auto Scrips Future segments but for sure buying is not a Good idea
CNX Auto has broken out of long term trendline support followed by lower top lower bottom structure. However, daily and weekly RSI is showing 1-2-3 type positive divergence which means short trap can come into play in short term which may take it to 8200-8400 on the higher side. 7640 is the support on lower side. Overall, it is poised for 6700-6800 till the time...
The Nifty Auto index was trading 1.17 per cent down at 8487.20 around 09:48 am.
Today Market is so cool Steel and Pharma Sector is bullish note but nifty auto index is 1.17 per cent down it's very clear think Tata Motors (down 3.27 per cent), Maruti Suzuki IndiaNSE -1.96 % (down 1.97 per cent) , Motherson Sumi SystemsNSE -2.40 % (down 1.92 per cent) and Apollo...