Nifty Auto/Nifty relative strength chart (CNXAUTO/NIFTY) seems to have broken out of it long held weekly resistance. If this breakout goes through, we can see cyclical bullish trend on all major auto stocks. Looks like bullish times ahead for India's auto industry!
Great observation ,thanks for sharing ! Could you tell me how to plot this ration chart between 2 instruments ...do you have a code for it ..?
vipulmehta817
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@northguleria, Hey, thanks! In TradingView you can easily plot ratio charts between most instruments by simply typing the ratio of the Tickers of the two instruments in the search bar. Thus, in this case I simply typed CNXAUTO/NIFTY and TradingView gave me the ratio chart between the two. Similarly you can do this for other instruments as well, say, BANKNIFTY/NIFTY etc. No need to code anything. These ratio charts are available for most asset classes on TradingView.
northguleria
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@vipulmehta817, Thanks a ton for the clarification ..much appreciated ...!!