Fresh Breakout Stocks In Auto Index. M&M, Motherson Sumi Wiring, Exide, Amara Raja Shares

Market experts Mayuresh Joshi and Kiran Jani have shared their views on auto and auto ancillary stocks following the index hitting an all-time high on Friday (Feb 16th). Kiran Jani expresses his preference for Mahindra and Mahindra (M&M) within the auto space, citing a fresh breakout and indicating a high likelihood of sideways movement in prices over the next two or three days. He recommends taking a long position in M&M, with a stop loss at Rs 1,680 and a price target of Rs 2,000. Mayuresh Joshi has focused on the auto ancillary sector, selecting Motherson Sumi Wiring as his top pick. He explained that the wiring harness market is expected to experience significant growth due to the rise in the electric vehicle sector, leading to increased demand for such wiring both domestically and internationally. Joshi highlighted Motherson Sumi Wiring's strong manufacturing capabilities and solid financial performance as supporting factors. Additionally, he includes Exide and Amara Raja, two battery players, in his top stocks list, emphasizing their expertise in the field and the difficulty in substituting these companies.