Archive for June 5th, 2011

Tata Motors and Bajaj Auto

Tata Motors and Bajaj Auto are the best performers of the Indian Auto sector. Both stocks are ranked above 95% and are placed at the top of our list of potential best short ideas.

Tata Motors broke previous minor lows and seems to be heading lower to 1,000-950 supports (slide 2). The subminor structure also looks like an extending impulse down (slide 3). Bajaj Auto also looks ready to head lower to our target at 1,200 levels in an impulsive c circle wave down (slide 4).

The market bias remains negative as NIFTY continues to hold key confluence resistances at 5,600 levels. Sub respective resistances we expect another leg down till our anticipated target at 5,200. However, above 5,600 we are not ruling out an extending X wave up till 5,700-5,800 resistances.

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Coverage India: CNX100 traded stocks and Indian Indices.

Michesan Anna-Maria, Head of India Research. Anna discovered her interest of markets immediately after completing her graduate studies in Economics. She followed it up with post graduate studies in corporate finance. A host of research work in behavioral finance, option strategies and quantifying market sentiment followed. Anna covers Indian equity and combines Elliott, Time Fractals and Time Analytics to deliver accuracy across time frames. To review some of her work, check out the annual India accuracy report 2009.