Home grown auto sector giant Mahindra and Mahindra, Utility vehicles and tractor manufacturer, sold 32499 units in the month of November lower by 22% in the same month a year ago. Domestic sales declined 24 percent year-on-year to 29,814 units while exports increased 22 percent to 2,687 units in the month gone by. Passenger vehicle dropped 33 percent to 13,217 units and commercial vehicle sales slipped 15 percent to 12,644 units compared with corresponding month of last year.
Technical view on Mahindra and Mahindra
Stock witnessed selling in intraday and ended lower following the sales number. It looks weak on daily chart too and an close below 1152 on daily basis may witnessed selling pressure in stock to test the support level of 1090.
Ashok Leyland Ltd
Hinduja Group flagship company Ashok Leyland reported a 7 % increase in total sales at 9,574 units in November 2016. The company had sold 8,971 units in the corresponding month last year. Sales of heavy and medium commercial vehicles rose by 10 percent to 6,928 units last month as against 6,297 units in the year-ago period. Light commercial vehicle sales declined by 1 percent to 2,646 units as compared to 2,674 units in November last year.
Stock witnessed selling in intraday and ended lower following the sales number. It looks weak on daily chart too and an close below 1152 on daily basis may witnessed selling pressure in stock to test the support level of 1090.
Ashok Leyland Ltd
Hinduja Group flagship company Ashok Leyland reported a 7 % increase in total sales at 9,574 units in November 2016. The company had sold 8,971 units in the corresponding month last year. Sales of heavy and medium commercial vehicles rose by 10 percent to 6,928 units last month as against 6,297 units in the year-ago period. Light commercial vehicle sales declined by 1 percent to 2,646 units as compared to 2,674 units in November last year.
Technical View on Ashok Leyland
Ashok Leyland has corrected to the retracement percentage of 38.2 (Fibonacci Retracement) on daily chart on its down trend and has shown selling momentum in last two trading sessions thus it looks weak on daily chart. A close below the 75 may trigger further selling in stock to test the support level of 70.
Maruti Suzuki
The largest car manufacturer of the country has reported better than expected sales number in the month of November 2016 as it sold the total of 135000 units in comparison to 12000 units sold in the same month last year 2015. Domestic sales increased 14.2 percent year-on-year to 1.26 lakh units in the month gone by while exports fell 9.8 percent to 9,225 units, the lowest sales since June 2016.
Ashok Leyland has corrected to the retracement percentage of 38.2 (Fibonacci Retracement) on daily chart on its down trend and has shown selling momentum in last two trading sessions thus it looks weak on daily chart. A close below the 75 may trigger further selling in stock to test the support level of 70.
Maruti Suzuki
The largest car manufacturer of the country has reported better than expected sales number in the month of November 2016 as it sold the total of 135000 units in comparison to 12000 units sold in the same month last year 2015. Domestic sales increased 14.2 percent year-on-year to 1.26 lakh units in the month gone by while exports fell 9.8 percent to 9,225 units, the lowest sales since June 2016.
Technical View on Maruti Suzuki Ltd
Maruti has already given breakout on daily chart breaking its resistance level of 5118 and showed bullish move forming a green marubozu candle formation. It looks strong on daily chart and a close above the 5310 on closing basis may trigger further buying interest in the stock for the target of 5553.
Eicher Motors Ltd
Eicher Motors , the Royal Enfield maker, said it sold 57,313 units under two-wheeler segment in November. That was a growth of 41 percent compared with 40,769 units sold in year-ago period despite currency demonetization. However, on month-on-month basis, sales declined 3.1 percent from 59,127 units sold in October. The company sold 52,359 units of models with engine capacity up to 350cc, a growth of 40 percent and 4,954 units of models with engine capacity exceeding 350cc, up 49 percent on yearly basis. Royal Enfield exports in November increased 222 percent year-on-year to 1,470 units.
Maruti has already given breakout on daily chart breaking its resistance level of 5118 and showed bullish move forming a green marubozu candle formation. It looks strong on daily chart and a close above the 5310 on closing basis may trigger further buying interest in the stock for the target of 5553.
Eicher Motors Ltd
Eicher Motors , the Royal Enfield maker, said it sold 57,313 units under two-wheeler segment in November. That was a growth of 41 percent compared with 40,769 units sold in year-ago period despite currency demonetization. However, on month-on-month basis, sales declined 3.1 percent from 59,127 units sold in October. The company sold 52,359 units of models with engine capacity up to 350cc, a growth of 40 percent and 4,954 units of models with engine capacity exceeding 350cc, up 49 percent on yearly basis. Royal Enfield exports in November increased 222 percent year-on-year to 1,470 units.
Technical view on Eicher Motors Ltd
Eicher Motors has given breakout on daily chart and breaking the resistance level of 21999 and close above. Further buying may be witnessed in the stock if it closes successfully above the level of 22444 on daily chart. The next key resistance for the stock is at 23999.
Eicher Motors has given breakout on daily chart and breaking the resistance level of 21999 and close above. Further buying may be witnessed in the stock if it closes successfully above the level of 22444 on daily chart. The next key resistance for the stock is at 23999.