Buy M&M; target 850: Pankaj Pandey

Pankaj Pandey, Head of Research, ICICI Direct in an interview with ET Now talks about auto stocks.

More buying activity likely in some of the auto counters?

If you look at November, it was expected to be a bit soft month for most of these companies given that the festive season just got over but even then the volume growth is quite encouraging and would definitely invite investor interest into these counters.

We would be bullish on some of the large cap names like Mahindra & Mahindra with a target price of 850. We like Maruti with a target price of 1783. We like Bajaj Auto and TVS also, so given that scenario, these numbers are quite encouraging and it does not really look like that. The numbers are going to taper down very soon, so given that, auto among sectors would be a preferred one going forward with the kind of growth lined up going forward.