Hemant Thukral of Aditya Birla Money advises going long in Mahindra and Mahindra (M&M) with a target of Rs 932 to Rs 940.
Hemant Thukral of Aditya Birla Money told CNBC-TV18, "Among the auto stocks, both Mahindra and Mahindra (M&M) and Maruti Suzuki are showing very good rollovers. But I think Maruti has already done its job by running up quite a lot and M&M I think is trying to form a base and start to move up, so that is why I am giving preference to M&M."
"Technically also now the stock is – from two days managing to close above its 200 days moving average (DMA) of Rs 893-894. So, I will place the stop loss around Rs 870-880 levels and go long on this stock. I think one should keep a target of Rs 932 to Rs 940, which is the next resistance level. Having said that, Maruti Suzuki - if somebody is holding long should also continue to hold long, both of these stocks should be kept as the top picks in auto for November series," he added.