Hero Moto, Tata Motors and Bharat Forge are the worst hit as shares trade at over 20% discount against the long-term moving average. Maruti, Bosch, Bajaj Auto stock could dip another 11%.
Stock Market Today: The Nifty IT Index today is exhibiting a bearish trend in the near-term with charts signaling further downside potential
Eicher Motors said it has launched some category-defining motorcycles through the year and it is encouraging to see the response to its recently launched motorcycles both in India and int'l markets.
Technical charts show the Nifty Auto index can potentially rally another 10% to 26,180 levels; while select stocks such as M&M, Tata Motors and Ashok Leyland can surge up to 15%.
In the past six months, the auto index on both the BSE and NSE has underperformed the market by falling 8 per cent, compared to the 0.34 per cent decline in the benchmark indices Sensex and Nifty
Stock Market Today: The Nifty IT Index is facing mixed sentiments post the recent Accenture earnings, which might uplift IT stocks temporarily. However, a closer look at the charts suggests caution
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.