NIFTYAUTO @ 24930
Currently NIFTYAUTO index trading near crucial support zone of 24500—24000 levels. If this support zone manage to hold then NIFTYAUTO may move higher once again with shallow pullback towards 28000 to 30000 in days to come.
Whereas if it breaks 24500—24000 then we may see a little more downside towards minimum 22600 to 20565 spot levels.
Seeing the larger formation which started from COVID LOW still the wave counts suggest that wave 5th of 3rd up move is pending before AUTO STOCKS goes in minimum 9 months to 12 months correction phase.
The larger structure of the NIFTYAUTO is bullish for upside minimum 35000 to 38000 levels. So yes still a lots of room is there for AUTO STOCKS for run in months to come.
so I would avoid to call that bull run in the AUTO SPACE IS DONE
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