stock market today After trailing last year’s rally on Dalal Street, the Nifty Auto index has given a fresh breakout at the 11,000 level on a close basis on Thursday. This breakout has raised hopes for market observers about some sharp jump in major auto companies. However, stock market experts say that one should keep an eye on the Nifty Auto Index and wait for some more time because if the Nifty Auto Index moves above the level of 11,100 today, then there may be a sharp jump in the auto stocks.
to speak on nifty auto index, Ruchit Jain, Lead Research, 5paisa.com said, “Nifty Auto Index has given breakout from swing high resistance and resumed ‘higher top higher bottom’ structure. Traders can focus on stocks in this sector, Which can give good returns. Near term.”
Giving details about the latest breakout in Nifty Auto Index; Sumeet Bagadiya, Executive Director, Choice Broking said, “Nifty Auto Index on Thursday gave a breakout at 11,000 levels on a close basis. Today, the index is trading above the breakout levels, but should wait some more as Auto Stocks If the Nifty Auto Index moves above the level of 11,100 today, then there is a sharp bounce.
On auto stocks to buy today; Sumeet Bagdia of Choice Broking said big auto companies like TVS Motors, Maruti Suzuki and Tata Motors can buy. He said that TVS Motors can give up to 10 per cent returns in the short term, while Tata Motors shares and Maruti Suzuki shares can give 8 per cent to 10 per cent returns in the short term.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.