Post-budget, auto shares have taken off, as indicated by the robust rise in Bajaj Auto, as well as Hero Honda. TVS Suzuki has been revving up, and is now likely to accelerate in its climb up.The scrip has established a bottom at Rs 475. On Wednesday the bullishness in the scrip was seen in a distinctly higher opening at Rs 510, upgapping from the previous close of Rs 497. Volumes have surged 20953 shares. At close the scrip was still above the previous day's close of Rs 497.
The RSI indicator is on the buy mode for long term investors. Earlier the scrip had gone to a peak of Rs 600. The scrip is an ideal choice for both short term and long term investor. This is because the downside risk is limited to Rs 475, where it has established a base.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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