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.
Set email alert for
ADS BY GOOGLE
video of the day
Rules of stock-picking: Perils of becoming a fund manager