The auto index is showing exhaustion, which means the auto stock may take a pause here. so if you have auto space stocks in your portfolio keep a watch on them and do a re-analysis of the stocks. closing below the horizontal line may reverse the trend of the index.
Disclaimer - I am not a SEBI-registered technical analyst and advisor so contact your financial...
Nifty Auto index has broken 2017 highs and has sustained on closing basis which is a very strong signal in the weak markets and can be bough using ETF for long term or can buy far month future for 14000, 16000 levels with a stoploss of 11000 levels strictly on closing basis.
CNX AUTO index cmp 13650
Daily time frame
Elliot wave study.
Index is trading in (V) of wave 5 of motive phase.
as per mega phone structure, resistance confluence around the maturity area of wave 5.
AS per RSI and MACD index is over bought and any time this move can come to pause.
Bulls should be cautious going further in auto stocks. once wave 5 matures and we...
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...
