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Informist, Friday, Aug 9, 2024

MUMBAI - Weakness in monthly wholesale volumes, rising inventories at dealerships and broader market performance will lend cues to the Nifty Auto index next week, with the index expected to consolidate, according to analysts.   

This week, the Nifty Auto index closed 1.4% lower at 25346.65 on account of turmoil in global markets due to recession fears in US and the unwinding of yen carry trades. Of the 16 constituents in the auto index, 12 declined over last week and four gained. While Apollo Tyres and Balkrishna Industries were the top losers, Eicher Motors and Bajaj Auto were among the top gainers. Compared with the auto index, the benchmark indices, Nifty 50 and Sensex, both ended 1.4% and 1.6% lower, respectively.

"We are seeing a corrective phase in the auto space due to profit-booking, and it could remain under pressure in the near-term. There won't be a major downtrend, but there is a possibility of a time-wise correction," said Ruchit Jain, a lead analyst at 5paisa. 

"The Nifty Auto index's overall level structure remains unclear, and fluctuations are expected to be uneven for the coming week. A bearish gap around 25,700 is likely to act as resistance, while 24,400 has emerged as a support level," said Rajesh Bhosale, technical analyst at Angel One.

Next week, Hero MotoCorp and Samvardhana Motherson International will be in focus as they are scheduled to announce earnings for Apr-Jun. 

TOP HEADLINES
* Earnings Review: Higher average sale price boosts Eicher Motors PAT
* Earnings Review: One-time cost hits Bharat Forge Apr-Jun PAT
* IPO Alert: Ola Electric to list Fri; issue price at 76 rupees/share
* Eicher Motors Apr-Jun consol PAT up 20% on year at 11 bln rupees
* Cochin Shipyard Apr-Jun PAT rises 65.3% YoY to 1.81 bln rupees
* Minda Corp Apr-Jun consol PAT rises 42% YoY to 642 mln rupees
* Bharat Forge board OKs raising up to 20 bln rupees via equity, debt
* Bharat Forge Apr-Jun PAT falls more than 13% YoY to 2.7 bln rupees
* Maruti Suzuki to recall 2,555 Alto cars on steering gear box defect
* Moody's upgrades Tata Motors corporate family rating to Ba1 from Ba3
* Tata Motors launches Curvv.ev at introductory price of 1.75 mln rupees
* Uno Minda to invest 627 mln rupees to enter into sunroof segment
* Uno Minda Apr-Jun consol PAT rises over 15% YoY to 2 bln rupees
* TVS Motor to export e-vehicles to ASEAN mkt from Indonesia plant
* Bosch Apr-Jun PAT up nearly 14% YoY to 4.66 bln rupees
* Earnings Review: TVS Motor's net profit rises 24% on yr, sales up 16%
* Electric 2-wheeler sales up 96% YoY in July, passenger vehicles dn 3%
* TVS Motor Apr-Jun PAT rises over 23% YoY to 5.77 bln rupees
* RattanIndia Enterprises arm opens new dealership in Najafgarh, Delhi
* Motherson Sumi Apr-Jun PAT up nearly 21% YoY to 1.49 bln rupees
* Retail sales of vehicles up 13.8% on yr in July led by two-wheelers
* NCLT OKs scheme to extinguish 'A' ordinary shares of Tata Motors
* M&M arm Classic Legends in pact with Tube Investments for BSA trademark

Following are the resistance and support levels for the sector's key stocks for next week, as per calculations based on their prices on the National Stock Exchange:

End

Reported by Darshan Nakhwa 
Edited by Aditya Sakorkar

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