Narnolia Financial Advisors recommends to start investing in the auto sector. It is expected that Nifty Auto will converge towards Nifty very soon, it said.
Market is trading in the green with the benchmark indices inching upwards. Nifty50 added 26 points, trading at 11,669 while the Sensex gained 88 points and is trading at 38,856 mark.
Nifty Metal, Realty and the Auto sectors are outperforming with Tata Motors, Tata Consultancy Services, Coal India, Tata Steel and HCL Tech being the top gainers.
Nifty Auto is up close to a percent led by Tata Motors which spiked 4 percent followed by Tata Motors DVR, Hero MotoCorp, Motherson Sumi Systems, Bharat Forge, Apollo Tyres and TVS Motor Company.
Narnolia Financial Advisors recommends traders and investors to start their investments in the auto sector. The performance gap between Nifty and Nifty Auto has increased sharply. So, it is expected that Nifty Auto will converge towards Nifty very soon, said the report.
The research firm has a buy with target at Rs 274. The stock gave a price-volume breakout above Rs 200 and thereafter it is successively keeping above this level since last few trading days. There is no major supply area of the stock below Rs 274. So, the current demand is likely to lift the stock smoothly to higher level, the research firm added.
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