Auto ancillaries have been showing strong momentum during the last few weeks of market rally. Rico auto chart was shared in an earlier post. Stock price crossed an important pivot of 49-50 few days back and has been consolidating above that level. Pivot is shown in attached chart as solid blue horizontal line. (also shown in dotted lines is a double bottom formation between 32-42. Going ahead, 62 can be an interesting level to watch, where a previous top was in place. disc: invested as a techo funda bet. ( management commentary in q1 fy 23 concall remains bullish and target of 2400 crores sales with improving margins for fy 23 re iterated. )
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