The Nifty Auto index is slowly inching towards 200-DMA; above which the index can gain up to 4 per cent.
Company had 'stellar performance' in international markets with more than 100% growth, says managing director
The company's management is optimistic that supply chain constraints will gradually ease out over the next two quarters and production to stabilise over time.
According to Mehul Kothari of Anand Rathi, traders can buy Avenue Supermarts near the 4,150-mark with a stop loss of 3,950 for upside target of 4,550 in 3-5 weeks.
There are other stocks which may show breakout structure, but still possesses the risk of high volatility and momentum, that may shift in any situation.
Price hikes, running costs and supply side pressures are the key concerns
Automobile shares may breakout after crossing significant resistances
Royal Enfield brand reported 43 per cent rise in month-on-month sales of 73,739 units in the month of December 2021.