This auto ancillary stock eyes multi-month trend reversal. Here's a technical analysis
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Despite a weak start, the markets staged a remarkable recovery on Friday to end on a flat note. The Nifty saw a weak opening; it opened lower and drifted further to form the low point of the day in the first hour of the session. However, after that, for the rest of the session, the markets staged a remarkable rebound. It managed to recoup nearly all of its opening losses. The headline Index closed with a negligible loss of 17.40 points (-0.07%). This stock from the auto ancillary space from the broader markets is confirming a trend reversal. A move from current levels would mark and act as a confirmation of the reversal of the multi-month downtrend in the stock. ETMarkets.com SONACOMS or Sona BLW Precision Forgings has been in a multi-month downtrend for over a year. It has lost significant ground from the levels of Rs. 760 in September last year to the lows formed near Rs. 370 in April this year. However, over the past few months, the ...