The coming of EV and New Age Automotive…launched on 30/5/2024

Nifty EV Index

YTD Performance

The Nifty EV & New Age Automotive Index aims to track the performance of the companies which are active in electric vehicles or new age automotive vehicles (such as hybrid vehicles, hydrogen fuel-based vehicles and green hybrid vehicles) segment.

This particularly includes manufacturers of electric vehicles, new age automotive vehicles, electric batteries; electric vehicles or electric battery component producers, companies produce or supply raw materials that are relevant to the electric vehicle and autonomous vehicle technology segment, companies that build autonomous vehicles, and suppliers of autonomous vehicle technologies.

The chart shows JWL to be the sector leader with a YTD gain of over 100% while Exide and M&M are at #2 and #3 positions lagging by over 50% in YTD returns.

JWL

Weekly Chart

JWL has become 6x since the time it broke-out from a base in May’23 at 130. The two pullbacks to the 150 and 200 would have been difficult to survive but that’s what shakeouts in multi-baggers are for.

It is now over extended and one should ideally wait for another base to be formed and also wait for the 50dma to catchup.

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