short selling opportunity in Motherson Sumi

Automobile sector trend

over the three months, Auto mobile sector stocks has been doing underperformance into the Indian stock market. the reasons are slow down of the sales growth, posting the displeasing earning results, and stagnant global automotive industry such those factors are creating a bearish trend on Auto stocks.  

The new arrive of Electric vehicle and its complex technology are making confusion amongst the consumer and High petrol and Diesel prices make hesitation so, majority of the consumer are postponing their purchase decision further, they still have not come to concrete decision. 

The electric vehicle technology is not given potential opportunity to Indian manufacturers who have to dependent on China for raw materials. the China is keeping the 90 percent of the raw materials of its under control. many countries are tend to find the new technology to get off from China control. EV research and battery price issue will pursue in next few years. 

https://youtu.be/FsYTI1KgMC0

Motherson sumi     

This company is manufacturing electric wires and electric auto components. when we look at this technical chart which indicate bearish trend as well as other Auto stocks. 

The Motherson sumi share price broke below the support the next level seemed to be at 197. so, short-term traders have potential opportunity to make a short position. not only the Motherson Sumi, many other stocks have good opportunity for short selling. i have given target at 197, probably, it has a higher chance to more correction.