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...
Hi, Friends I'm anticipating CNXAUTO is forming Possible Wave A of Zigzag and Wave A consist of 5 wave structure it already completed Wave 1,2,3 and wave 4th are in action yet to fully evolve my expectation it should completed within April (4% Error). so, then 5th highly possible to complete in month of June(2% Error).
Basic Rules of Elliott Wave
1. Wave 3 is ...
The weak numbers from auto companies lead to massive selloff in the auto stocks and also auto ancillaries.
Seems the fall would become a bit nimble now.
Below 8750 we may see more weakness towards 8515.