AUTO SECTOR TECHNICAL ANALYSIS
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Let's start with analyzing #Niftyauto -
Gave H&S breakout but look support on 200 EMA and reversed. Need to cross right shoulder to confirm the reversal.
Now let's take a look at few auto sector companies charts.
Let's start with the one with the strongest chart - #BalkrishnaIndustries
Trading near ATH levels, when the whole nifty auto index was going down, it corrected only 10% and was the 1st one to recover.
A close above 2560 will take it to a target of 2776.
Next one we're gonna take a look at is - #eichermotors
Finally crossed the gap region (2850) that was acting as resistance. With good volume expansion.
If closes above 3037, can easily reach 3223 & 3348.
Another strong chart in auto sector - #BharatForge
Trading near All Time High level. Although short term trend is negative and it can fall down to 710-720.
If closes above 811, then can easily cross ATH of 844.
Keep an eye on it. Invalid if closes below 710.
Next is leader in 2w segment - #HeroMotocorp
Similar structure to #Niftyauto index.
Trying to reverse, crossed 200 EMA which is a good sign.
Need a close above 2969 for added confirmation. And will blast above 3090.
Invalid below 2636.
Leader in 4w passenger cars but not a leader in terms of share price performance - #Maruti
Trying to reverse but 200 EMA acting as resistance.
Need a close above 7387 for any meaningful move.
Invalid below 6600.
Weakest chart in auto sector - #Mahindra_mahindra
Taking support at 200 EMA. Need to close above 804 for a reversal.
If closes below 730, can fall down to 650.
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