Technical Analysis of Indian Equities by Nooresh

Sona Koyo Steering and Pricol – Auto Ancillary Charts


A lot of Auto Ancillary stocks have done amazing moves but fundamentally one can continue to believe they are cyclicals. At one point of time after a drop of 60-70% post 2008 a few had come down to terribly low valuations and almost on verge of bankruptcy.

But some have come of strong in the current bull market. Many of them are up 4-5 times from 2013-2014 levels.

I would not like to go into a debate as to how Auto Ancillaries have no pricing power etc but i believe all manufacturing business in India have started looking interesting and could surprise in coming years. Although have not been able to participate much apart from Munjal Showa which was a good trade, but i still think one needs to look at some of these names from a fresh perspective.

Similary have been very bullish on #Textiles as a sector for the last 1 year. Will write about in another post.

A couple of interesting charts.

Sona Koyo


  • The stock gave a channel breakout at 56-58.
  • Post that it consolidated around the previous all time highs of 63-65.
  • TOday the stock has broken out with strong volumes.
  • Start of a new trend it seems.
  • Just an observation as to how one can trade smallcaps on technicals.
  • Can you see the increase in volumes in July.


  • Triangle breakout above 36-38.
  • Good volumes seen in last 2 weeks.
  • Today the stock has broken out with decent volumes.

#Disclosure - Sona Koyo Steering ( 56-58)  and Pricol ( 38/30 ) have been recommended in Technical Traders Club and Big Value 2.0 . Please do your own research and we have our bias. Do read the disclaimer.

P.S - The #android app - "NooreshTech" is Live Now.

( IOS app for Apple users is under development and should come up soon)

Do download the App. Would appreciate your Reviews on Play Store.

Nooresh Merani

Securities covered above:: Sona Koyo Steering and Pricol

SEBI Registration disclosure – Investment Adviser

Financial Interest:

Nooresh Merani and his family/associates/ analysts do have exposure in the securities mentioned in the above report/article.

Nooresh Merani and his family/associates/ analysts do not have any financial interest/beneficial ownership of more than 1% in the company covered by Analyst.

Nooresh Merani and his family/associates/ analysts have not received any compensation from the company/third party covered in the above report/article ever.

Nooresh Merani and his family/associates/ analysts has not served as an officer, director or employee of company covered in the report/article and has not been engaged in market-making activity of the company covered in the report/article.

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

Also read the detailed disclaimer –

Article by Nooresh Merani

Nooresh has written 2807 articles.

You can follow Nooresh Tech on Facebook and Twitter here.

{ 0 comments… add one }

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.