Buy Bajaj Auto, Tata Motors: Tirthankar Patnaik

Tirthankar Patnaik of Religare Capital Markets told CNBC-TV18, "We prefer two-wheelers over four-wheelers at this point. We have a big buy on Tata Motors also. So Tata Motors and Bajaj Auto are the two stocks that we prefer in this space."

"Bajaj Auto has about 35 percent of its revenues coming in from exports. The only problem that I see there is that Bajaj's export partners have had currencies that have depreciated almost as much as in US dollars versus as much as the rupee has depreciated. So this is not a clear translation of 20 percent high number that one would expect from Bajaj Auto. Secondly, in places like Iran Bajaj sells in rupees. That is an INR trade if not a dollar trade. So it is not as clean-cut for Bajaj as it is for Tata Motors," he added.