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TVS Motor, Bajaj-Auto: Auto index hits record high, may rise up to 5%

Selective automobile stocks may soar up to 15%, show charts

Automobile investments
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Auto index hits a new all-time high

Avdhut Bagkar Mumbai

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Nifty auto index sets a new record high on Monday, with robust underlying momentum. Bajaj Auto and TVS Motor Company, two index constituents, have emerged as the top contenders, simultaneously hitting their respective all-time highs. 

Both the stocks have surged approximately 20 per cent so far this year. Another constituent, Eicher Motors also hold its place high by soaring 24 per cent in 2023. 

On Monday, shares of Mahindra & Mahindra gained 3.30 per cent, while others were seen trading flat.

Here’s the technical outlook amid auto index hitting a new all-time high:-

Likely target: 15,000
Upside potential:  5%

The index has scaled a new historic

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First Published: May 29 2023 | 11:55 AM IST

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