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Weekly View on Auto Sector

Discussion in 'Technical Analysis' started by ichkoguy, May 5, 2012.

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  1. ichkoguy

    ichkoguy DIYTA Staff

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    Along with market downtrend auto sector too witnessed great selling with Hero Motocorp and Bajaj Auto being the most battered scrips. Given the tight monetary situation and the RBI’s action to control the downward spiraling of the Rupee against the Greenback, it’s widely expected that the RBI will hold the Repo rate at current levels in its next meeting, with a distant hope of giving relief to banks by reducing the CRR rate.

    In this sector, Tatamotors is a better buy around 290-295 with a strict stop loss around 275-280; M&M is also another good buy at 670-675 levels with a stop loss at 650.
     
    ichkoguy, May 5, 2012
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