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refer chart for details
As per Analysis, another round of selling can happen for Auto's....Highly bearish on Auto's as it can fall till 8250 levels with minor support of 8450...
NIFTY AUTO on a crucial support after breakdown on Daily. 38.2% fib retracement looks likely on the upside, where it can meet the next likely resistance.
10461 or 10388.39 act as near bottom
The log-normal monthly chart of NSE Auto. The support is observed at the lower part of the parallel channel. Great time to accumulate sector stocks.
Auto Stocks may be at a crucial level.
Index has been creating a falling wedge pattern closely following the mentioned trend line.
A weekly close below the red line may be bearish and targets upto 9920 levels.
Similarly weekly closing above the falling trend line may signal uptrend till previous highs.
Lot depends on news flow and earnings so lets see...
Reference for positional trades
A Failed Head and Shoulders, gave hopes for a rally but long traders got trapped as Everytime it tried to go up it faced selling Pressure.
NIFTY AUTO IS AT SUPPORT BE CAUTION TO SHORT THE AUTO SECTOR AFTER SEEING ASHOK LEYLAND AND BAJAJ AUTO
Long term Bullish
Target -- 13000 (+20.8%)
Stop loss- 10280( -7.6%)
Time Horizon -1 year
After rebounding from the long term trend line and finding support at 10385 level we expect the long term to continue
to reach 13000+ level in a years time.
Double bottom breakout
In weekly, hidden bullish divergence seen. Also price bounced from flat lower BB
It can move up to touch the middle/upper BB.
Here one of the Pattern identified by R N Elliott , where wave 1 will be the longest and wave 5 will be the shortest ,
Have your reviews ,
The chart I am plotting here is the ratio chart between FMCG & Auto Sector. The logic is that during good times Discretionary sector does well & In Bad times Investors hide into consumer staples. As this chart is suggesting FMCG sector is at an record low compared with Auto Sector & has just begun to outperform which is an indicative that one should be cautious. ...
Nifty Auto index looks strong as long as it trades above the support.
After breaking the resistance CNXAUTO is currently re-testing it.
Bullish Flag is in making in NiftyAuto with breakout on
close above 12100
Consolidation is likely to happen within range
11650-1170 on downside if these levels hold
sooner or later breakout is likely to happen