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Maruti, Tata Motors attain new 3-yr, 5-yr highs, end among top gainers on Nifty50; analyst recommends ‘Hold’ for these targets
Auto stocks were among the top gainers on Wednesday even as stock markets ended negatively. Maruti Suzuki India Limited and Tata Motors Limited were among the top 5 gainers on the Nifty50 and led the Nifty Auto index despite 10-stocks in the 15-share index closing in the red.
In the process the largest Indian passenger car maker achieved its 52-week and 3-year high. Meanwhile Tata Motors also attained a 5-year and 52-week high.
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Shares of Maruti Suzuki ended at Rs 8240, up 2.4 per cent or almost Rs 190 from the Tuesday closing price. The 52-week high of this stock was Rs 8350 on the intraday basis. The market cap stood just under Rs 2.5 lakh cr. The stock has been witnessing a strong upward rally over the last five trading sessions.
Tata Motors shares ended at Rs 528.40, gaining almost Rs 9 or 1.8 per cent from the previous closing price. The stock attained an intraday high of Rs 536.70 on the NSE. It was second consecutive day of gains for this stock. Over the last 5-6 trading sessions it has moved both ways.
Maruti Suzuki: HOLD | LTP: Rs 8240| Target: Rs 8500-8700| Upside 5% | View: Long term
Existing investors must hold this stock while buy on decline is recommended for making fresh positions, Technical Analyst Summet Bagadia said. He sees a price target between Rs 8500 and Rs 8700 over a short term period.
Tata Motors: HOLD | LTP: Rs 528| Target: Rs 550-560| Upside 6% | View: Short term
The Executive Director of Choice Broking recommends a Hold on Tata Motors shares as well for price target of Rs 500-560. His view is for short to medium term and he sees support between Rs 500 and Rs 510.
While the broader market Nifty50 lost 100 points or 0.56 per cent to close at 17,898.65, the 30-share BSE Sensex, ended at 60,008.33, down by 314 points or 0.52 per cent. As many as 35 stocks declined against 15 advances.
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