AUTO SECTOR TECHNICAL ANALYSIS
(Retweet for wider reach)
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.
(Retweet for wider reach)
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.
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.
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.
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.
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.
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.
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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