In the past one year, Nifty Auto index has twice, formed a Double Top pattern before breaking its crucial support level of 7764, after which it has given 13%-42% fall.
Currently Nifty Auto is forming the same mirror image. It has formed a Double Top pattern as well as gave a rising channel breakdown and breached an important support level of 7764. Thus going forward we may see some correction in the Auto Index and we can see index testing 7200/6800 levels.
All the Heavy Weights like Hero MotoCorp, Maruti, M&M showing weakness on the charts.
Hero MotoCorp ready to give Head & Shoulder pattern breakout.
M&M trading at crucial support of 612 and giving Channel pattern breakdown.
Maruti already gave Rising Wedge pattern breakdown, along with breaking the crucial support level of 6500.
