Nifty Auto Index
Good base done at 10300-10500. Crossing 11200-11300 will be clear cut indication of becoming a leading sector.
Maruti and TVS Motors are in a strong trend but now Bajaj Auto, Hero Moto and Tata Motors can show leadership.
Tata Motors – A contrarian bet. Good basing out done. Can it breakout of the channel on the upside ?
Hero Motocorp – Retest of Breakout.
Bajaj Auto – Breakout into all time highs.
A lot of Auto Ancillaries are also on verge of a breakout.
The leaders like Motherson Sumi, Minda Inds, Lumax Inds, Gabriel India and many others have broken out and in a strong trend but the smaller names are also breaking out.
Just posting some of the charts from Auto Ancillary on close to breakout. Others which have already broken out may continue the trend like Rico Auto, Sona Koyo, Harita Seatings, Subros, PPAP etc.
Talbros Auto – Breakout and Retest Done.
Sundaram Brake – 10 year breakout. Earlier posted here the stock did a super move from 550 to 800
LG Balakrishna – A 2 yr plus consolidation.
Shivam Auto – 2 yr triangle breakout
Munjal Auto – 2 yr breakout from consolidation.
Munjal Showa – Breakout and retest done.
Lumax Auto Tech – Breakout from 2 yr highs.
Disclosure – This is a biased view as some of the stocks covered above have been recommended in Technical Traders Club & Big Value as well as author and family may have positions.
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Financial Interest: All the stocks mentioned above
Nooresh Merani and his family/associates/ analysts do have exposure in some of the securities mentioned in the above report/article. ( Hikal Limited )
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The views expressed are based solely on information available publicly and believed to be true. Investors are advised to independently evaluate the market conditions/risks involved before making any investment decision