NIFTY AUTO NSE:​CNXAUTO

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 ...

Levels in chart

Nifty Auto may touch 8000 again..negative view .divergence also suggest same.view as education purpose.

Short Tg 7700/7461

....Levels mentioned in chart

.... Longterm view

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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. Regards, Vinay

auto index is at it's 2 year's low(Dec 2016 levels). right time for investors to start buying in the auto sector.

Closing below 8500 on weekly chart can be a disaster......

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north

support level

refer chart for details

sell below

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... Happy Trading!!!!

SEE CHART

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.