Nifty Auto tests 200-DMA; TaMo, Maruti can rally up to 11%, charts show

The Nifty Auto index is slowly inching towards 200-DMA; above which the index can gain up to 4 per cent.

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Nifty Auto

Avdhut Bagkar Mumbai
Shares of automobiles companies were seen trading with strong gains on Tuesday as the benchmark indices BSE Sensex and Nifty 50 recovered from a six-day losing streak.

Eicher Motors rallied nearly 3 per cent followed by TVS Motor Company, Maruti Suzuki and Tata Motors, which gained over 2 per cent each in early deals on Tuesday so far. The overall sentiment for the automobile stock seems to gain interest as the maximum stocks in Nifty Auto trade in green.

The Nifty Auto index too is slowly inching towards its 200-day moving average (DMA) and seems to be ahead of its counterparts like Metal, Nifty Bank, IT and Pharma indices in doing so.

First Published: May 17 2022 | 1:42 PM IST

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