Thread by @TradeSensei07

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.

@shubhfin @nison_steve @anoshmodyy @suru27 @GurleenKaur_19

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.