Automobile Sector: Nifty 500
NIFTY500 Automobile Sector Equi-Weight Index
NSE NIFTY AUTO
What'll be Strong if this strength continues?
Relatively the Nifty Auto Index is getting weaker. Unable to break out of multiyear resistance at 0.70.
Opportunities lie among few names of broader Nifty500 Automobile constituents.
ATH%: Price Percentage Above / Below All-time high
RIC(M): Price move relative to NIFTY 100
Percentage retracement from March '20 low. It took multiple support at 78.6% level and resistance at a 100% level.
Currently facing resistance at the zone of 480 -490
200 DMA is sloping Up
Breakout and sustain above 490 are important for the next leg higher or dips near 430 for sideways trading.
Somewhat Similar to TVS Motors in terms of looking at range and breakout.
810 - 820 near term resistance, the target would be 940
Relatively strong compared to Index
4.07% away from the all-time high.
Position if sustain above 1470
Near Percentage retracement 161.8% (665), this level could act as support in the short term.
Closed at All-time high