Tech view: Will the Nifty Auto index move higher in the coming days?

8000 seems to be a point that can witness buying momentum, as it hold the two lows of the double-bottom formation. The index did manage to cross the 8800 mark three days ago, but failed to sustain it

The benchmark indices S&P BSE Sensex and Nifty50 have rallied over 1.50 per cent in the last two days. The Nifty Auto index, however, has mostly remnained range-bound. The index lost 0.50 per cent at 8,710 levels on Thursday.

Except for Bajaj Auto and Bharat Forge which showed minor improvement over their previous close, no other stock in the Nifty Auto index has managed to show a promising trend. Maruti Suzuki,  HeroMotocorp, Ashok Leyland and Tata Motors witnessed less participation from the market participants.

The technical chart (Nifty Auto) shows a bullish formation of double-bottom. However, the index has failed to cross