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HDFC Bank, Bharat Forge: How to trade auto, bank stocks in current market

Although Nifty Auto shows tremendous optimism, Nifty Bank may see profit-booking at crucial levels going ahead.

Markets roar back after Budget shock; Sensex zooms 917 pts, Nifty at 11,980
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Nifty Bank is nearing the 38.20% Fibonacci retracement placed at 22,050

Avdhut Bagkar Mumbai
Auto and banking stocks traded with healthy gains on Thursday. Nifty Auto index jumped over 5 per cent, while the Nifty Bank rallied nearly 4 per cent in intra-day trade. 

Here's a look at what technical charts indicate for the two indices and their key constituents.
NIFTY AUTO : With a strong formation of a 'Double Bottom' on the daily chart, the index has managed to strongly bounce back. Going ahead, the index can even gain ground around 5,200 levels, thus establishing a strong buying base. Further, as it crosses 5,700 levels, which is its

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First Published: Apr 30 2020 | 12:38 PM IST

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