NIFTY CNX AUTO chart study
Index is facing resistance around the ascending resistance trend line, though index and nifty are managing to achieve higher levels, auto index is making bearish weekly candle around resistance levels,,
Now till index does not give weekly close above 13500 levels,, view remains to be lighter on auto counters.
As inflation boom autos are the first one where the cost cutting is seen. which is reflecting in chart.
bearish divergence on RSI with respect to price..
Time to be cautious on long side on auto counter.
Now till index does not give weekly close above 13500 levels,, view remains to be lighter on auto counters.
As inflation boom autos are the first one where the cost cutting is seen. which is reflecting in chart.
bearish divergence on RSI with respect to price..
Time to be cautious on long side on auto counter.
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