Technical indicators such as the Moving Average Convergence Divergence (MACD) display positive signals, thereby, indicating potential bullish momentum in the near term.
Moreover, the Exponential Moving Average (EMA) 21 is changing from a steep downward trend to a flat pattern, further supporting the bullish trend.
Therefore, the best trading strategy for traders in the near term would be to buy the index and its constituents at dips. This strategy takes advantage of the positive signals from MACD and EMA 21, along with the expected resistance level on charts.
Conclusion: Based on the technical analysis of the Nifty Auto index using near-term charts, it is anticipated that the index may continue its upward trend in the near to short term. Technical indicators such as MACD and EMA 21 provide positive signals, suggesting a potential bullish trend.
The best trading strategy for traders would be to buy the index and its constituents at dips, taking advantage of the expected resistance level on charts. However, it is important to monitor the price action and adjust the trading strategy accordingly.