Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "I don't think fundamentals influence the market in the short-term, we keep talking about them through out the day but it is irrelevant completely. But for the technicals I am surprised because auto sector as such should be cheerful. Hero Motocorp and Bajaj Auto are looking very nice on the charts."
"Mahindra and Mahindra (M&M) is doing the exact opposite. It consolidated yesterday and broke down from the consolidation. It is very worrying, it is showing poor relative strength. It is a short sell and surprisingly it would actually be held on to as a positional trade also," he added. Also Read: August auto sales continue to disappoint; exports riseDiscover 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!
