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Niftyautoindex

MARUTI - Price Action Analysis Weekly TFThe bull run of NSE:MARUTI has reached at the same levels where it was rejected earlier in Jan 2018. The same we can get using bearish harmonic shark pattern with level of .887 at the price of 9400 in weekly TF. So we can calculate Supply zone in-between the range of 9400- 9700. There will be higher chance of correction from here. BUY : Buying opportunity only comes either price will give breakout above 9700 and sustain with good momentum and volume. then next target will be 10500 which derived from the harmonic level of 1.131 SELL : Short opportunity only comes if price will start making LH-LL in daily TF with rejection confirmation candle that leads price again with level of 7700-8000 . So who carried from the long time can start to book their profit and new buyer and seller can wait for the either side of the confirmation. My view still at the bearish side because Auto sector has already given a good rally and now compare to negative global cues and all, some correction may happen over here. so do accordingly. If you have other opinion, please share your comment below and like & follow for upcoming great analysis. Safe Trading ;)
NSE:MARUTIShort
by vraj8597
2
NIFTY AUTO Trend AnalysisWorst scenario for those who are bullish thinking of potential Cup with Handle pattern formation on a broader outlook or reverse Head & Shoulder pattern on a narrower outlook. If you look carefully, you can see the descending broadening wedge clearly as highlighted in my chart. You can zoom out to see the broader view of my chart with all the drawings. Technically this chart looks almost similar to the Ashok Leyland chart I have posted earlier this month. TDI is at upper band with NIFTY AUTO nearing the resistance zone in confluence with the edge of pitchfork and upper edge of the descending broadening wedge highlighted. Moreover a strong hidden bearish divergence in MACD histogram is observed on weekly timeframe. (Not applied here because chart is on daily timeframe). Expecting a fall of approximately 30-33% towards 7700-8000 level, which is next possible support zone lying near golden Fib level. The fundamental attributes of major auto companies are not looking good specially with the declining OPM% (At lowest levels). It's better to avoid FOMO in auto sector stocks because of all good news and invest after this big correction or else keep averaging. Do your own due diligence before taking any action. Peace!!
NSE:CNXAUTOShort
by Swastik24