Top 2 Auto Stocks Technical Analysis

1. Stock Name: Eicher Motors Ltd.

Time Frame: Daily

Pattern: Ascending Channel pattern

Observation:

After the launch announcements by the competitors in the >250cc bikes segment in the first week of July, the stock price experienced a strong selling. But, backed by good financials and fundamentals the stock price is on the rise again. It is in an uptrend and is currently trading near the pivot point. According to technical analysis, if the stock is able to hold on to the pivot point, it may continue with the uptrend. Referring to the RSI indicator, it has comfortably crossed the 50 level.

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Disclaimer: This analysis is purely for educational purposes and does not contain any recommendations. Please consult your financial advisor before making any financial decision.

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2. Stock Name: Maruti Suzuki Ltd.

Time Frame: Daily

Pattern: Cup and Handle pattern

Observation:

A Cup and Handle chart pattern was seen in the recent past. The stock was in consolidation from November 2022 to July 2023 and formed a cup and handle pattern. The stock is moving along the resistance level of the cup and handle for some time now. If it breaks out from this level with good volumes then it may continue its upward journey.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purposes and does not contain any recommendations. Please consult your financial advisor before making any financial decision.

I have made a separate video on YouTube covering the fundamental analysis of these two auto stocks. Click on the link to watch the full video for a complete understanding -