22 Apr , 2022 By : Kanchan Joshi
Stock market today: After remaining laggard in last year rally at Dalal Street, Nifty Auto index has given fresh breakout at 11,000 levels on closing basis on Thursday. This breakout has raised hope for market observers about some sharp upside move in leading auto majors. However, stock market experts maintained that one should keep a watch on the Nifty Auto index and wait for some more time as there can be sharp upside moves in auto stocks if the Nifty Auto index ends above 11,100 levels today.
Speaking on Nifty Auto index; Ruchit Jain, Lead Research at 5paisa.com said, "The Nifty Auto index has given a breakout from swing high resistance and has resumed the ‘Higher Top Higher Bottom’ structure. Traders can focus on stock from this sector which could deliver good returns in the near term."
Giving details about fresh breakout in Nifty Auto index; Sumeet Bagadia, Executive Director at Choice Broking said, "On Thursday, Nifty Auto index has given breakout at 11,000 levels on closing basis. Today, the index is trading above the breakout levels but one should wait for some more time as auto stocks may give sharp upside moves if Nifty Auto index ends above 11,100 levels today."
On Auto stocks to buy today; Sumeet Bagadia of Choice Broking said that one can buy auto majors like TVS Motors, Maruti Suzuki and Tata Motors. He said that TVS Motors may give up to 10 per cent return in short term whereas Tata Motors shares and Maruti Suzuki stocks may give 8 per cent to 10 per cent return in short term.
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