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Oct 31, 2013, 11.00 AM IST | Source: CNBC-TV18

M&M, Maruti top pick for Nov series: Hemant Thukral

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

National Head- Derivative Desk

Expertise : F&O

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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.

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