Saturday, February 24, 2024

Auto shares to shift gears soon: Bajaj Auto, Tata Motors can rally up to 9%

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Auto Shares: The Nifty Auto index can rally towards the 12,500-mark on a breakout above 11,900-level; base support seen around the 11,000-mark.

NIFTYAUTO Likely target: 12,500 Upside potential: 4% Technically, the breakout line becomes the support and when it breaks, it becomes a resistance. So is the case with the Auto Index. The level of 11,000 holds a key, and the index firmly holds it.

The recent slide saw bullish accumulation and even witnessed a smart recovery around the same mark. Now, any up move above 11,900 could witness a robust breakout towards a new all-time high of 12,500. CLICK HERE FOR THE CHART Tata Motors Ltd (TATAMOTORS) Likely target: Rs 550 Upside potential: 9% Yes, it is true that shares of Tata.

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Also read: Bajaj Auto looks to double network for electric scooter Chetak in coming weeks

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