According to Ravi Nathani, an independent technical analyst, the Nifty Energy index seems trapped in the 26,975 - 27,350 trading range.
According to Ravi Nathani, an independent technical analyst, the Nifty Pharma and Auto indices are at critical junctures, hence one needs to watch out for these key levels for planing trades.
While the Nifty Realty index is expected to pullback in the near-term, the Nifty Auto index seems to be trapped in a consolidation range, says Ravi Nathani, an independent technical analyst.
At current levels, charts suggest booking profits or even consider short-selling in Nifty Auto index. Support levels on the charts are expected around 13,900 and 13,500
Selective automobile stocks may soar up to 15%, show charts
The Nifty Auto index is expected to underperform in the near future, and the current rally provides an opportune moment to sell the index and its constituents
It is recommended that traders adopt a cautious approach while trading in Nifty FMCG index, given the overextended market conditions and the likelihood of a correction in the near term, said analyst
At the bourses, shares of Hero MotoCorp have declined over 8 per cent so far this calendar year (CY23), as against 0.8 per cent rise in the S&P BSE Sensex
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According to the technical analyst, charts suggest rapid technical bounce for the Nifty Auto index, wherein traders can anticipate a price recovery
According to the technical analyst, the Nifty FMCG index is gyrating in a 1,000-point range, a breakout from the same could trigger a fresh trend.
Bajaj Auto Q3 preview: As per brokerage estimates, the auto major is expected to report marginal improvement in EBITDA margins on a sequential basis to 17.4 per cent in Q3FY23
According to the technical analyst, the Nifty Auto index can rally to 13,050 - 13,160 levels.
On the upside, the technical analyst sees 18,336 as the key resistance for the Nifty 50.
The stock of automobiles major traded close to its record high level of Rs 10,000, which it had touched on December 20, 2017
While the Nifty Auto and FMCG indices are expected to rise 4%, the Nifty Health Care index may emerge as the dark horse
Hero MotoCorp, Maruti Suzuki, M&M, Bosch and TVS Motor gain up to 13% in a week
The latest gain comes on the back of easing commodity prices and supply chain issues
The Nifty Auto index is slowly inching towards 200-DMA; above which the index can gain up to 4 per cent.
The Nifty Auto index and the key stocks are trading near significant resistance levels while exhibiting sideways movement, upside breakout could see significant long additions.