Maruti, Bajaj Auto: 5 auto stocks that can rally up to 9% from here

The breakout of "Inverse Head and Shoulder" for the Nifty Auto index hints at bullish scenario for auto stocks, provided the overall market momentum says strong

NIFTY AUTO INDEX
Likely target:  10,800 and 11,000
Upside potential:  2% to 4%

The breakout of “Inverse Head and Shoulder” can be easily seen on the daily chart. This exhibits a rally in the direction of 10,800 and 11,000 levels. And as long as the support of 10,400 is held on a closing basis, the positive bias is likely to see higher levels with strong participation from market players. The technical indicator, Moving Average Convergence Divergence (MACD) has conquered the zero line indicative of the positive momentum with an upward direction.  CLICK HERE