Maruti is the best pick in auo stocks: Parag Doctor

Parag Doctor, Associate Vice President Senior Analyst Technical Equities, Motilal Oswal Securities in an interview with ET Now talks about auto stocks.

A quick word on some of the auto majors we have got a lot of news floating around in terms of the kind of sales numbers they have posted which have been weak this time around but on the charts particularly any particular counters that you think are worth buying into at these levels?

Well I feel Maruti is looking good. We have been pretty bullish on Maruti in the medium term and it has had a significant correction from the 1550 to 1580 levels back down to about 1350 and where a long term support has emerged from the 200 day moving average.

So the recovery has been pretty subdued up till now but I feel with the auto sector outperforming the rest of the market Maruti should catch up with its peers like Tata Motors which has pretty much made new highs in this run and Mahindra & Mahindra also is near the highs. So we feel that Maruti is the best pick for the medium term right now in the auto space.