Shares of vehicle manufacturers were climbing on Monday's session, after a number of automaker companies reported higher sales numbers for February 2025
Technical chart suggests that the Nifty Auto, IT and Pharma indices can potentially fall up to 22% from present levels if these key support levels are broken.
Hero Moto, Tata Motors and Bharat Forge are the worst hit as shares trade at over 20% discount against the long-term moving average. Maruti, Bosch, Bajaj Auto stock could dip another 11%.
Eicher Motors said it has launched some category-defining motorcycles through the year and it is encouraging to see the response to its recently launched motorcycles both in India and int'l markets.
Technical charts show the Nifty Auto index can potentially rally another 10% to 26,180 levels; while select stocks such as M&M, Tata Motors and Ashok Leyland can surge up to 15%.
In the past six months, the auto index on both the BSE and NSE has underperformed the market by falling 8 per cent, compared to the 0.34 per cent decline in the benchmark indices Sensex and Nifty
Stock Market Today: The Nifty IT Index is facing mixed sentiments post the recent Accenture earnings, which might uplift IT stocks temporarily. However, a closer look at the charts suggests caution
An index or a stock is said to be in a 'correction' phase when it has dipped over 10 per cent and up to 20 per cent from its recent peak level. A 20 per cent or more fall is termed as a 'bear' phase
Financials, IT, Energy and Auto sectors account for over 52% weightage on the Nifty 50 index; here's how the Bank Nifty, IT, Energy and Auto indices are placed on the charts, and likely trend ahead.
Two-wheeler stocks bore the brunt of the selling pressure in auto on Thursday, as the Nifty Auto index plunged below its 100-DMA for the first-time in 18 months; Tech charts suggest more pain ahead.
