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CNXAUTO trade ideas

Star of the week Chart. CNX Auto IndexThis is the most interesting chart of this week. This is a weekly chart of Nifty Auto Index (CNX AUTO). In Dec 17, Auto index made its all time high around 12000 and since then the stock is consolidating below that level. Even in recent times the index tested its resistance, however, this week the index is able to give a clear breakout. This will provide a very good medium term money earning opportunity in auto stocks. Since 2 weeks I have already recommended Hero Motor, Lumax, Jamna etc. the analysis of which can be read for targets and stop losses. Even in future, as and when I get more stocks I will keep recommending it. If we calculate Fibonacci in recent consolidation, we are getting a very aggressive targets and I wish everyone following me should make a great money in months. CMP - 12361 (16/7/22) T - 13500, 16000, 18500, 20000 W SL - 11850 W View - Medium to Long term.
NSE:CNXAUTOLong
by AbNamjoshi
Be watchful of Auto Stocks!This is a weekly chart of Nifty Auto index (CNX Auto) . Since Dec 17 , the stock is facing a serious resistance around 12000 . It has taken a multiple resistance in near past. However, the index is again trying to test its resistance. Close above 12000 levels would mean a fresh breakout on medium to long term charts. Keep in watch Ashok Layland, Maruti Suzuki, Tata Moters, M&M, Eicher moters. Go long in these industry leaders if you see 12000+ weekly closing.
NSE:CNXAUTO
by AbNamjoshi
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
Bullish structure - CNX AUTOCNX AUTO H2 charts. Above is the cyclical rhythms on CNX AUTO. Price seems to be following a 24 period cycle. Index has been in a bullish configuration and the previous cycle has only recently formed and we have now entered the rising phase. In this phase, we expect positive upwards moves. Price , on the H2 chart, price is very close to the 20 period Moving average, a place of my liking for swing trade entries. If once looks at the longer time frames, relative strength indicators and price action suggests positive configuration. Look out for this space for more details as trades develop.
NSE:CNXAUTOLong
by LoveForCharts
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