M Thacker bearish on Tata Motors, Ashok Leyland

Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Mitesh Thacker See what other Experts & Brokerages are saying about Tata Motors See messages about Tata Motors Tata Motors BSE | NSE 10/02/12 Are Mutual Funds betting on Tata Motors?

Mitesh Thacker, Technical Analyst, miteshthacker.com is bearish on Tata Motors , Ashok Leyland .

Thacker told CNBC-TV18, "Auto is a very peculiar case. In fact it looks like a sector divided in to two. We are bearish on Tata Motors and Ashok Leyland. Very clearly we have seen some kind of distribution patterns over there. While on the other hand Maruti and Mahindra & Mahindra look very good. M&M has taken a good support at Rs 700 range and it is moving up. Maruti in fact yesterday moved up very nicely, so I think it is a much divided pattern. You need to be a lot of taking a stock specific call there."

He further added, "Cement in fact has been again a very peculiar case. We have been bearish on the sector for sometime now. But the fact is that it is not falling with the pace the market is falling, so it is a kind of outperforming in a falling market. So I would advice people who are having short positions in stocks like ACC and other cement counters to cover them up and go short on the underperforming sectors."

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.