Manoj Murlidharan Vayalar, IIFL PReMIA is of the view that one can buy M&M with a target of Rs 975 and Tata Motors can touch Rs 318-330.
Vayalar told CNBC-TV18, “I would not be that positive on Maruti Suzuki India, though I feel M&M and Tata Motors. For Tata Motors I guess Rs 292-293 is the weighted average price. Once you see the stock closing beyond that it has a good 10-15 percent move. We can see possibly Rs 318-330 very much in that.”
He further added, “If you look into the delivery of the entire 50 stocks, which happened in Nifty yesterday. If we have to put it in ascending order it would be first Sterlite Industries (India), followed with the metal sector. If it is auto it has to be M&M. M&M is one scrip which is going strong. Weighted average price of Rs 932 is what the entire accumulation for the base has happened. Even I guess the Future is somewhere close to Rs 945 for the current month. We can go long on that as well at this point of time for a trading call obviously. Keep a stop loss at Rs 941 and Rs 975 is what we are expecting on that.”