Share Market Update: Auto company stock speed! Filling the pockets of investors –

Share Market Update: The NSE benchmark Nifty50 recovered nearly 90 points from the day’s low. Currently, it is hovering around the trendline resistance formed by joining the December and January highs. The Nifty 50 index is likely to strengthen further, once this resistance is cleared on the upside and it could see a good advance of 100-150 points from here. However, it is even-steven when it comes to sectoral participation in Wednesday’s trade.

Five sectoral indices are trading green led by Nifty IT and Realty; However, Nifty Auto is also not far behind as it is among the top three performing sectors of the day. Within the auto sector, one stock that has attracted attention is TVS Motors.

TVS Motors stock rose nearly 4% and was among the top two gainers in the auto sector. The stock opened at Rs 1084.45 level and after that, there was no looking back for the stock as it went from strength to strength. Currently, it is trading near the high of the day and above the 1120 mark, where the highest open interest is seen on the call side.

From a technical perspective, the stock has seen a bullish crossover to the moving averages as the 20-DMA crossed the 50-DMA. And, the stock is trading above its long-term moving average ie 200-DMA. Going forward, a sustain above the Rs 1120 level will help the stock to reach the Rs 1180 level in the medium term.

This article is powered by ‘Dalal Street Investment Journal’, India’s No 1 investment magazine. To be regularly updated about winning stocks and recommendations do join by clicking here.

Disclaimer : This above is third party content and TIL hereby disclaims any and all warranties, express or implied, relating to the same. TIL does not guarantee, vouch for or endorse any of the above content or its accuracy nor is responsible for it in any manner whatsoever. The content does not constitute any investment advice or solicitation of any kind. Users are advised to check with certified experts before taking any investment decision and take all steps necessary to ascertain that any information and content provided is correct, updated and verified.

Leave a Comment