AUTO STOCKS
ON ROLLER COASTER
MARUTI UDYOG
STRONG RESISTENCE AT 988-989
This stock is trading below its 200dma which is at 825 and also tested its 100dma which is at 814. As long as it trades below its 200dma it'll likely test the level of 754 and possibly 652 on the cards. To negate all this it need to overcome the 200dma. If it once sustain above its 200dma then it'll try to test the Bear trendline. Or we'll see some consolidation between the Bear trendline and the 200dma.
This stock fall sharply after kissing the 6 month bear trendline to test the 200dma. In the short term it'll likely test the 2950 levels. This stock made strong support at 2728-2730. If the 2728-2730 support takes off then it'll re-test the level of 2351. The key resistence is at 2950 above this level it'll test the Bear trendline target of 3150. The ultimate stop-loss is at 2728-2730.
HERO HONDA
A DOUBLE TOP AT 771
This stock made Double Top at 771 and the key short term support is at 727. By seeing the chart in the coming session it'll trade within 800 and 727. Still this stock is trading below its 200dma which is at around 800 mark. Currently this stock is struck in the vital fibo retracement levels as i say 800 and 737 are the 61.8% fibo resistence and 38.2% fibo support of 900-637 fall. Break above the Double Top of 771 it'll kiss the 800 and thereafter we'll see the new bull rally which will take to the 900 levels. But 727 is not ruled out yet.
This stock is trading within the Downward Sloping Channel and now its trading at 38.2% fibo support of 30.50-51.95 and more likely its trying to test the 200dma which is at 40. In the medium term the key resistence will be the 6 month Bear trendline...
ON ROLLER COASTER
MARUTI UDYOG
STRONG RESISTENCE AT 988-989
This is the only Auto stock which looks good on charts. The strong support at 988-989, a break above that the target will be around 1050 and the key strong support is at 930 level. 930 will be the medium term stop loss for the target of 1050.
TATA MOTORS
TRADING BELOW 200DMA
TRADING BELOW 200DMA
This stock is trading below its 200dma which is at 825 and also tested its 100dma which is at 814. As long as it trades below its 200dma it'll likely test the level of 754 and possibly 652 on the cards. To negate all this it need to overcome the 200dma. If it once sustain above its 200dma then it'll try to test the Bear trendline. Or we'll see some consolidation between the Bear trendline and the 200dma.
BAJAJ AUTO
STRONG BOTTOM AT 2728-2730
STRONG BOTTOM AT 2728-2730
This stock fall sharply after kissing the 6 month bear trendline to test the 200dma. In the short term it'll likely test the 2950 levels. This stock made strong support at 2728-2730. If the 2728-2730 support takes off then it'll re-test the level of 2351. The key resistence is at 2950 above this level it'll test the Bear trendline target of 3150. The ultimate stop-loss is at 2728-2730.
HERO HONDA
A DOUBLE TOP AT 771
This stock made Double Top at 771 and the key short term support is at 727. By seeing the chart in the coming session it'll trade within 800 and 727. Still this stock is trading below its 200dma which is at around 800 mark. Currently this stock is struck in the vital fibo retracement levels as i say 800 and 737 are the 61.8% fibo resistence and 38.2% fibo support of 900-637 fall. Break above the Double Top of 771 it'll kiss the 800 and thereafter we'll see the new bull rally which will take to the 900 levels. But 727 is not ruled out yet.
ASHOK LEYLAND
TRADING IN DOWNWARD SLOPING CHANNEL
TRADING IN DOWNWARD SLOPING CHANNEL
This stock is trading within the Downward Sloping Channel and now its trading at 38.2% fibo support of 30.50-51.95 and more likely its trying to test the 200dma which is at 40. In the medium term the key resistence will be the 6 month Bear trendline...
posted by Naveen Pantera at 9:21 PM
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