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CNXAUTO trade ideas

Nifty Auto - Interesting Price FormationsNSE:CNXAUTO - Overview on all timeframes - MTF, WTF, DTF DTF its trading within ascending triangle. Expect price to consolidate WTF its taking long term support and might make double bottom as long s 12675 is held on weekly closing basis. Also showing signs of flag pattern formation but that will be only confirmed if 12675 is held. If thats broken, bullish bias would get negated MTF its taking long term support of 2020 support line and making HH formation. The only exception is that monthly candle is not looking good so far and thats cos Nov candle is a hanging man and price has been declining so far Bias on larger time frame remains bullish and only DTF, WTF, the prices may just remain sideways or consolidate within the ascending triangle which may not result in large moves. As an option buyer, I would remain mildly cautious on long trades and remain stock specific. Let's see how the story develops. Best wishes! Disclaimer - - The opinions expressed here are my own. This is for my own records as well as what I see on charts. - If you are referring to this, please keep in mind that it is only for educational and research purposes. - Past performance is no guarantee of future results. - You must accept responsibility for any decision you make. DO NOT TAKE THIS AS AN INVESTMENT RECOMMENDATION. - It's your hard-earned cash. Trade / Invest wisely, keeping in mind your trading style, goals and objectives, time horizon, and risk tolerance. - Before investing, conduct your own research and consult with a financial advisor. TIA!
NSE:CNXAUTO
by nerdywasabi
2
CNXAUTO NIFTYAUTO Bullish I am extremely bullish on CNXAuto/NIFTYAUTO! It is forming a flag pattern Making higher highs with correcting RSI Current consolidation might last few more months Target 16000 Currently correcting on 4M timeframe Top constituents by weightage Mahindra & Mahindra Ltd. 20.36 Maruti Suzuki India Ltd. 19.97 Tata Motors Ltd. 11.67 Eicher Motors Ltd. 8.47 Bajaj Auto Ltd. 7.42 Hero MotoCorp Ltd. 5.48 Tube Investments of India Ltd. 4.51 TVS Motor Company Ltd. 4.21 Ashok Leyland Ltd. 3.48 Bharat Forge Ltd. 3.37 Above stocks will do very well as they have a higher presence in the index Also check out Gabriel India
NSE:CNXAUTOLong
by Cryptified_Soul
NIFTY CNX AUTO chart studyIndex is facing resistance around the ascending resistance trend line, though index and nifty are managing to achieve higher levels, auto index is making bearish weekly candle around resistance levels,, Now till index does not give weekly close above 13500 levels,, view remains to be lighter on auto counters. As inflation boom autos are the first one where the cost cutting is seen. which is reflecting in chart. bearish divergence on RSI with respect to price.. Time to be cautious on long side on auto counter.
NSE:CNXAUTO
by RUDRA007
Auto Sector (Neowave Forecast)Hi Everyone Today we are going to discuss Auto Index. 1) First currently Auto index is in correction of L4( long term 4th wave) and futuristic movement is bullish in form of L5 ( 5th wave). 2) In L4 we are also in last leg correction, this mean price should not consolidate here more than 2 week or so. if price consolidate more that mean there is a possibility of further waves of M series( medium term wave) but as you know the nature of 5th wave it does not always give proper price length and also fail prematurely so keep this in mind when you are buying quantity in auto stocks. Simply mean buy quantity with risk management. Anyway if anything changes i will update them in our trading view live link. If you have any question you can message me in trading view. Thank You _____________________________________________________________________________________________________________________________________________________________________________________________ Coming soon features. 1) An Neowave Library 2) Video Updates 3) Education series _____________________________________________________________________________________________________________________________________________________________________________________________ If you new than you need to see our below charts also to understand our Neowave coding style.
NSE:CNXAUTOLong
by Neowave-forecast
Expecting a small correction in the AUTO SECTORNSE:CNXAUTO I am expecting a small correction in the Auto sector. It is because the price is facing resistance on the upper trendline. The MACD indicator is showing a small divergence as the MACD Line didn't went up when the price went up and giving random crossovers. It is moving in a range but the prices went up in past one month. The same is with the RSI, there is also a small divergence as the RSI is moving in a range and didn't went up with the prices in the past one month indicating loosing momentum. I am expecting the prices to correct and test its 50 EMA levels and extremely it could test the lower Trendline. But not expecting a Bear trend or a trend reversal, as the Sector has outperformed NIFTY 50 for the last 1 year. It is a good time to book partial profits and re enter at lower levels. Disclaimer : It is my own view and analysis. It is for educational purposes and not any type of Recommendation, call or a tip.
NSE:CNXAUTOShort
by Kunal-Battu
3