Nifty Auto Index—Breakout Watch with Bullish Momentum
Timeframe: Daily
Current Price: ₹24,007.95
Trend: Consolidation Breakout / Bullish Setup
🔍 Technical Highlights:
Consolidation Zone: Price has remained in a tight sideways range for the past 5 weeks (~₹23,000–₹24,000), indicating accumulation.
Breakout Attempt: Price is currently testing the upper band of this consolidation box (as seen in the green highlighted zone).
Support Zone: Strong support from both PEMA Bands and Developing Weekly/Monthly CPR (₹23,670–₹23,837).
📌 Trade Idea:
Trade Type: Positional Swing Long
Entry: On daily close above ₹24,050 with volume confirmation
Targets:
T1: ₹24,345
T2: ₹25,343
Stop Loss: ₹23,670 (below Monthly CPR and PEMA support)
⚠️ Risk Management Notes:
Risk-to-reward is favorable if entered near breakout with SL below the CPR zone.
Monitor for any rejection at weekly/monthly H3 zones for partial booking.
Avoid fresh longs if the index fails to hold above ₹24,000 by the end of the week.
The Nifty Auto Index shows strong signs of bullish momentum as it attempts to break out of a 5-week range, supported by PEMA and Camarilla levels. A close above ₹24,050 may initiate a new swing leg toward ₹25,000+.
Timeframe: Daily
Current Price: ₹24,007.95
Trend: Consolidation Breakout / Bullish Setup
🔍 Technical Highlights:
Consolidation Zone: Price has remained in a tight sideways range for the past 5 weeks (~₹23,000–₹24,000), indicating accumulation.
Breakout Attempt: Price is currently testing the upper band of this consolidation box (as seen in the green highlighted zone).
Support Zone: Strong support from both PEMA Bands and Developing Weekly/Monthly CPR (₹23,670–₹23,837).
📌 Trade Idea:
Trade Type: Positional Swing Long
Entry: On daily close above ₹24,050 with volume confirmation
Targets:
T1: ₹24,345
T2: ₹25,343
Stop Loss: ₹23,670 (below Monthly CPR and PEMA support)
⚠️ Risk Management Notes:
Risk-to-reward is favorable if entered near breakout with SL below the CPR zone.
Monitor for any rejection at weekly/monthly H3 zones for partial booking.
Avoid fresh longs if the index fails to hold above ₹24,000 by the end of the week.
The Nifty Auto Index shows strong signs of bullish momentum as it attempts to break out of a 5-week range, supported by PEMA and Camarilla levels. A close above ₹24,050 may initiate a new swing leg toward ₹25,000+.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.