Production halts in Mahindra as the spread of outbreak increases

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The Indian car manufacturers have halted their operations and productions in their plants amid the Coronavirus outbreak which has been very hard on the automobile industry as the car manufacturers across the globe have shut their companies. The Chinese firms supply around 10-30% of the auto parts to the Indian carmakers which has a maximum dependency on brakes and steering systems, engine parts and illumination systems which have been affected. The company has been in the business over several decades which made its businesses stabilize in the market by launching affordable and high quality cars to the public.
The following chart of Ichimoku cloud indicator shows an upward trend for a shorter period which denotes that the price falls are due to the market conditions as the operations of various companies have been shutdown. The Coronavirus cases have exceeded 4 lakh globally and has been destructing the global markets with governments announcing lockdown of companies across the globe. The greencloud indicates the bullish trend of the stock for the trading session as the Chikou span is also denoting an upward trend for the stock. The Chairman of Mahindra Group, Mr. Anand Mahindra has announced several measures to help the control of Coronavirus pandemic in India as it works on making ventilators to mee the demand for COVID-19. Also, the conversion of resorts into temporary care centres would help the Indian Council of Medical Research (ICMR) to fight the cases of COVID-19 by providing care facilities to the patients.



The company has also lined its launch of brand new cars which has been halted due to the government measures to lockdown the country. The company has been focusing on cleaner energy by installing BS6 engines to their popular cars such as XUV300, Thar, Bolero etc.., which would reduce the emissions of harmful components during the combustion. The following chart of supertrend and Stochastic RSI shows the trend of the stock in the current scenario as the stock is being  oversold as the downward trend of the stock would be continued until the production resumes. Before the effect of the pandemic on the stock, a bullish trend can be seen for a short period of time which was taken over by the bearish market sentiments.

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