Nifty Auto showed immense strength bouncing off 200 EMA line and now opening with a gap up and holding above the B level of XABCD bearish butterfly pattern drawn on the chart.
The price is near the supply zone but after taking so much beating, it may not reverse again but takes a pullback and continues the rally in my opinion. Or might even fail from the supply...
Nifty Auto is at resistance levels of a trendline on monthly timeframe chart.
After 2020 fall it had broke the major resistance and took support on it.
Now from support zone it had made higher lows, but not the higher highs.
Index had contracted for last few months so now there is high possibility it may show big move one side.
This month we may witness a major...
Nifty auto index is showing. A firm confirmation of breakout from the previous resistance and also from a double bottom W pattern.
The last weekly candle is wide range bullish open = low pattern. The momentum and trend is bullish on all timeframes.
From the fundamental side covid recovery and festive sales could help stocks in the sector to sustain the bullishness...
Gave breakout on trend line after more than three years. Very bullish on auto sector. Watch out for more upmove.
I am not a sebi registered analyst.
Posting only for educational purposes
Auto sector near/at supply zone area from almost 8 months.
Chances are high for breakout if happens then ready to buy auto sector stocks to book good handsome profit.
Nifty auto weekly chart
observation
1. chart is forming continuation pattern , called ascending triangle.
2. hidden positive divergence in price and RSI.
3. MACD is near to crossover.
waiting for breakout in auto index for long short term entry.
Nifty Auto looking bullish, in process of flag breakout in weekly time frame. The stocks to watch out for :
1. Escorts
2. Maruti
3. Ceat
4. Hero Moto
5. Bajaj Auto
6. Eicher Motors
7. Apollo tyres
Nifty Auto Index is clearly showing breakout on the weekly charts. Last week candles closed out of the symmetrical triangle. It was accompanies by RSI breakout of the last 20 weeks moving average.
Potential upside in the index possible for 2000 pts (+20%).
BO is converging with upcoming festival season in country and maybe precursor for good auto sales in the...
Forming a flag patter, breakout might happen on upper side, look out for auto index cross 10900.
Stocks to watch out for if we see a bull run in auto stocks :
1) M&M
2) Escorts
3) Bosch
4) Ashok Leyland
I am particularly bullish on M&M.
Disclaimer : Bought M&M at 794
NIFTY AUTO
Forming inverted head and shoulder
pattern in daily timeframe.
Bullish Stocks in Auto sector:
1.M&M
2.Mothersonsumi
3.Bajajauto
4.Bharatforg
5.Amarajabat
Auto sector is at a good level if price breaks the resistance level in the chart auto stocks can be a good spot to be at. I've analysed and posted M_M and Tata motors. Wait for confirmation and only then take decisions. Don't predict, let the market tell you where its going. Thanks.
