Gautam Shah of JM Financial told CNBC-TV18, "This bull market is being led by the autos and fundamentally while you might not be able to justify it or even technically you might feel that the price is too high, I think a lot of these stocks can just keep making newer highs and they will just keep getting expensive, something that happened with some of the other sectors in the 2003, 2007 run. So, the auto index even at levels of 22,000 which is the BSE Auto Index, I think looks good for another 2,000-3,000 points over the next three to three and a half months.""I think some of these auto stocks in the F&O space, the popular ones, probably have the best setup even at these levels. So, if you want to buy something to hide in case there is a small correction, I think autos are the ones which will not fall so much but the upside potential is also pretty large. So, autos followed by the banks are two of our favourite picks in the market as we go ahead," he added.
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