Is the Indian auto reversal for real?

To understand a primary degree reversal we need a reversal on most of the early economic sector indices. We discussed the CNX-IT last week. This week we are revisiting the auto sector. Agreed there is a hammer reversal bar on auto sector. This is a positive sign. However, the hammer reversal does not come from a key primary support and also the 0.382 Fibonacci supports lie lower near 7,500.
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Coverage India: CNX100 traded stocks and Indian Indices.