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

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

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:-

NIFTYAUTO

Likely target: 15,000

Upside potential:  5%

The index has scaled a new historic