Auto shares: Tepid Nov sales may put M&M, Maruti, TaMo in accumulation mode

Stocks bearing breakout on moving averages, price strength and technical indicators are ready to see steady upside of up to 9 per cent

NIFTY AUTO INDEX
Likely target:  11,250
Upside potential:  4%

While the daily chart structure exhibits a negative support-breakdown with the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) showing continued weakness, the index movement is honouring the 200-day moving average (DMA) placed at 10,490. Thus, as long as the 200-DMA is defended, the momentum and direction may resume the upward trend in the direction of 11,250 levels, which is the next hurdle. CLICK HERE FOR THE CHART

Tata Motors Ltd (TATAMOTORS)
Likely target:  Rs