Ashish Chaturmohta Of Fortune Equity Brokers told CNBC-TV18, "We are quite positive on the auto space. Tata Motors (DVR), Tata Motors or even Mahindra and Mahindra (M&M) and Maruti Suzuki India had a very strong buildup in last three-four trading sessions. Tata Motors (DVR) was having a very crucial resistance around Rs 162-163. Today we have seen a good crossover above these levels, so we are expecting a good short covering in the stock towards Rs 174-175 kind of levels."
"One can initiate a long position in Tata Motors (DVR) keeping Rs 161 as a stoploss and even Tata Motors looks quite strong so we may expect a rally of another 5-6 percent in Tata Motors and even other auto stocks like Maruti and M&M," he added.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
