Motown in fast lane! Auto stocks eye up to 20% upside; MRF can hit Rs 1L

The NSE Auto index seems well placed to test its all-time high; Prominent auto stocks like Tata Motors, Bajaj Auto, Hero MotoCorp and TVS Motor can gain 3.5-10 per cent

NIFTYAUTO
Likely target: 12,108
Upside potential:  5.50%

The index is continually recording new 52-week high for the past three trading sessions with the Relative Strength Index (RSI) exhibiting a bullish bias in the overbought territory, according to the daily chart. The overall trend is heading towards a new all-time placed at 12,108-level. The immediate support for the index comes at 11,300 and 11,100 levels.  CLICK HERE FOR THE CHART
 
Tata Motors Ltd (TATAMOTORS)
Likely target: Rs 450 and Rs 470
Upside potential:  7% to 11%

After conquering the resistance of Rs