According to the technical analyst, charts suggest rapid technical bounce for the Nifty Auto index, wherein traders can anticipate a price recovery
According to the technical analyst, the Nifty FMCG index is gyrating in a 1,000-point range, a breakout from the same could trigger a fresh trend.
Bajaj Auto Q3 preview: As per brokerage estimates, the auto major is expected to report marginal improvement in EBITDA margins on a sequential basis to 17.4 per cent in Q3FY23
According to the technical analyst, the Nifty Auto index can rally to 13,050 - 13,160 levels.
On the upside, the technical analyst sees 18,336 as the key resistance for the Nifty 50.
The stock of automobiles major traded close to its record high level of Rs 10,000, which it had touched on December 20, 2017
While the Nifty Auto and FMCG indices are expected to rise 4%, the Nifty Health Care index may emerge as the dark horse
Hero MotoCorp, Maruti Suzuki, M&M, Bosch and TVS Motor gain up to 13% in a week
The latest gain comes on the back of easing commodity prices and supply chain issues
The Nifty Auto index is slowly inching towards 200-DMA; above which the index can gain up to 4 per cent.
The Nifty Auto index and the key stocks are trading near significant resistance levels while exhibiting sideways movement, upside breakout could see significant long additions.
Nifty Auto, Nifty Realty, Nifty Bank, Nifty Private Bank, Nifty PSU Bank and Nifty Financial Services indices were down in the range of 4 per cent to 5 per cent on the NSE.
The Nifty Auto index has broken key support levels, and looks weak on the weekly charts indicating a downside of 5 per cent.
The Nifty Auto index can rally towards the 12,500-mark on a breakout above 11,900-level; base support seen around the 11,000-mark.
Stocks bearing breakout on moving averages, price strength and technical indicators are ready to see steady upside of up to 9 per cent
Tata Motors holds approximately 12 per cent weight in the Nifty Auto index, and trails Maruti Suzuki and Mahindra & Mahindra
The breakout of "Inverse Head and Shoulder" for the Nifty Auto index hints at bullish scenario for auto stocks, provided the overall market momentum says strong
Maruti Suzuki was the top-performing index stock as it rose over 4 per cent after the company said it would be raising vehicle prices in the July-September quarter
Automobile and financial stocks dominate the list of companies where analysts have scaled back their earnings estimates for FY22
India recorded a massive surge of 1.69 lakh Covid-19 cases in the last 24 hours