Nifty Auto Index

Nifty Financial Services, Auto index outlook: How to trade these indices on Tuesday, December 10, 2024? Here's your trading guide

Analysts say with the recent correction, downside risk is now limited, giving an opportunity to long-term investors

An index or a stock is said to be in a 'correction' phase when it has dipped over 10 per cent and up to 20 per cent from its recent peak level. A 20 per cent or more fall is termed as a 'bear' phase

The Nifty Private Banks Index is currently experiencing a downward trend, supported by short-term moving averages, all of which are sloping downwards

Financials, IT, Energy and Auto sectors account for over 52% weightage on the Nifty 50 index; here's how the Bank Nifty, IT, Energy and Auto indices are placed on the charts, and likely trend ahead.

Two-wheeler stocks bore the brunt of the selling pressure in auto on Thursday, as the Nifty Auto index plunged below its 100-DMA for the first-time in 18 months; Tech charts suggest more pain ahead.

At 10:15 am, the BSE Auto index, the top loser among sectoral indices, was down 3 per cent, as compared to the 0.33 per cent decline in the BSE Sensex

The Nifty Auto Index is currently positioned at a key juncture on the charts, presenting an opportunity for traders to buy on dips.

The Nifty Bank, Nifty PSU Bank indices are likely to extend the pullback in the near-term; Auto index too seems favourably placed, while the Realty index remains on weak ground, shows technical charts

Thus far in calendar year 2024, the BSE Auto index has surged 46 per cent, compared to the 18 per cent rally in BSE Sensex.

The Nifty Energy Index is showing a bearish trend in the near term, as indicated by multiple technical indicators such as RSI, MACD, and Stochastic, which all suggest further downside movement.

Traders should closely monitor this level, as any breach could lead to further downside, and the market might see a sell-off in auto stocks.

The Nifty IT Index is currently displaying signs of nearing a critical resistance level. The immediate resistance level to watch is 43,200

Automaker Tata Motors saw an 8.1 per cent drop in total sales for August 2024, totaling 71,693 vehicles compared to 78,010 units in August 2023.

In near term, the Nifty IT Index is expected to trade within a broader range of 42,800 to 41,600. A close above or below this range would likely trigger a decisive move in the respective direction.

Within the 2W segment, analysts believe, mass-market original equipment manufacturers (OEMs) such as Honda, Hero Moto Corp, Bajaj Auto, and TVS are anticipated to perform well.

The anticipated downside targets or support levels for the Nifty Auto Index are 24,300, 23,900, and 23,500

Stock Market Outlook: The Sensex has shed 4.3% from its all-time high in 3 trading days and the Nifty is seen testing support at 24,250. Here's what charts suggest on likely trend ahead.

The board of the company approved the demerger of the Tata Motors into two separate listed companies. The company revealed that the demerger will conclude in the next 12 to 15 months.

The fall in the share price came after the automotive manufacturer reported disappointing July 2024 sales numbers.