Auto Stocks Outlook For The Week - 03 to 07.12.2018
Auto stocks are likely to track the broader market next week with focus on the outcome of the
meeting between US President Donald Trump Trump and Chinese President Xi Jinping on the
sidelines of the the G-20 summit in Argentina, and the domestic GDP data on yesterday. Stocks of
automobile companies underperformed the wider Nifty 50 index in the last week by 100 basis points. Stocks of Tata Motors, which lost nearly 6% this week, will continue to be under pressure because its wholly owned subsidiary Jaguar Land Rover has slashed production at its Wolver Hampton engine factory, sending 500 employees on a paid leave for a fortnight. On technical charts, the Nifty Auto index is likely to remain range bound, with immediate resistance seen at 9305 points and support at 9235 points.
Source : Cogencis Information Services Ltd.
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Auto stocks are likely to track the broader market next week with focus on the outcome of the
meeting between US President Donald Trump Trump and Chinese President Xi Jinping on the
sidelines of the the G-20 summit in Argentina, and the domestic GDP data on yesterday. Stocks of
automobile companies underperformed the wider Nifty 50 index in the last week by 100 basis points. Stocks of Tata Motors, which lost nearly 6% this week, will continue to be under pressure because its wholly owned subsidiary Jaguar Land Rover has slashed production at its Wolver Hampton engine factory, sending 500 employees on a paid leave for a fortnight. On technical charts, the Nifty Auto index is likely to remain range bound, with immediate resistance seen at 9305 points and support at 9235 points.
Source : Cogencis Information Services Ltd.
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