Same as other indices Nifty Auto index as also bounced backed
after significant correction
With the result season in mind....
have plotted important levels for trading...
Happy Trading...
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Nifty Auto (Index) CNX Auto
The Auto index is at top and facing resistance.
The price has already made 5 attempts to break the barrier.
This time it has made a flag and pennant pattern at resistance.
May this time it can break the resistance and we can see a new high.
For education purpose only
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Chart is self explanatory. Levels of breakout, possible up-moves (where index may find resistances) and support (close below which, setup will be invalidated) are clearly defined.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before...
NSE:NIFTY and NSE:CNXAUTO are showing Inter market Divergence again.
Last time Divergence occurred in June 2022 when Nifty gave reversal. Will the Divergence work again.
Chance are High. We need to wait for follow up Buying though.
While the Fundamental Analysts might find Auto Valuation High.
Auto stocks have much higher to go.
Nifty auto index in 5th wave of Bull Market.
Fresh breakout in smaller degree wave 3.
Auto leading the way higher.
NSE: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...
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....
Index 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...
NIFTY AUTO is moving between two levels from very long time.
It has taken support near lower level 12750 and moving upwards towards 13350.
Looks good for futures and option positions in sector.
Regards,
Dhrumil Vyas
Nifty Auto:
Recently in good trend.
- It has reclaimed the tops of Jan 18 after seeing big dip in Covid times in Nov 21 and has given strong breakout above these highs. Breakout level 12k-12.2k.
- Retest done close to breakout level ~12.2k with rejection for going further down.
- With Stop level of 12k has good Risk to Reward for long opportunity
- Well poised...
