AUTO STOCKS IN FOCUS

 

"BUY TATAMOTORS FUT ABOVE 295 "

TARGET 297/299.50 SL 292

On January 21the Sensex jumped more than 300 points to surpass 50,000-mark for the first time. A steep rise in the market in the last two years has made many stocks multibagger and data shows that as many as 58 stocks from the BSE 500 stocks rose more than 100 percent during Sensex's journey from 40,000 to 50,000 mark. Sensex is up 344.49 points or 0.69 percent at 50136.61, and the Nifty added 95.20 points or 0.65 percent at 14739.90. The S&P BSE Sensex climbed Mount 50K while the Nifty50 also hit a fresh high above 14,600 for the first time

Tata Motors jumps 7%, Bajaj Auto hits 52-week high ahead of Q3 results. The top performers included Tata Motors which jumped over 7 percent followed by Bajaj Auto, Eicher Motors, Balkrishna Industries, Hero motocorp and MRF.On January 21 auto sector added almost 2 % intraday and traded at over 2-year high on hopes of strong Q3 earnings growth. Nifty Auto has been forming a ‘Higher Top Higher Bottom’ structure and is in an uptrend for the last few months.  Share price of Bajaj Auto gained over 2 % ahead of its Q3 results. The company is likely to register more than 16 percent year-on-year growth in standalone profit, revenue and operating profit for the quarter ended December 2020 led by festive demand. The other gainers included Eicher Motors, Bharat Forge and Ashok Leyland which added 1-2 percent each.Tata Motors was the most active stock on NSE in terms of volumes with 14,32,95,643 shares being traded. The auto names which hit new 52-week high apart from Tata Motors included Bajaj Auto, MRF and Balkrishna Industries.
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