SP Tulsian of sptulsian.com told CNBC-TV18, "We have seen the auto stocks getting corrected. If one takes the case of Maruti Suzuki India, it is now ruling close to around Rs 1,500. Maruti Suzuki India have asked the contracted labour to go on indefinite leave and apart from that they have cut the one shift production and we have been seeing their monthly sales numbers."
He further added, "One can expect reasonably good numbers from Hero Motocorp and Mahindra and Mahindra, but take the case of Bajaj Auto which is now practically ruling at the upper end of Rs 1,900. I don't think that one has the comfort in initiating longs. Same is the case with Tata Motors with a level of Rs 290 plus."
Tulsian further said, "Maruti Suzuki India is now ruling close to around Rs 1500. Bajaj Auto is now practically ruling at the upper end of Rs 1900. Same is the case with Tata Motors with a level of Rs 290 plus. So, one needs to have some caution on all those stocks and apart from that TVS Motor and Ashok Leyland also are not really very comforting."
"For Hero Motocorp, one can expect a level of Rs 1740-1750 and for M&M, one can look for a level of may be Rs 975-980 in next week to 10 days," he said.