Bajaj Auto Trades above 200D SMA as auto stocks gain momentum
The interest rate sensitives such as autos and banks were seen gaining momentum in Thursday trading session. The movement in autos and banks especially is satisfying for the bulls as these two sectors have not participated in the rally, yet. The auto stocks especially have been underperforming.
The shares of Bajaj Auto gained by 1 per cent on Thursday; also managing to trade above its 200D SMA on an intraday basis. The share prices crossing the 200D SMA indicates bullishness in the counter as the one can expect the long-term trend to be positive once the stocks cross the 200D SMA from below.
Bajaj Auto share price has jumped by 1.82 per cent in one month and in 2021 alone the shares of Bajaj Auto have jumped higher by 9.64 per cent.
Bosch share price has soared by more than 5 per cent while Tube Investments share price has jumped higher by ~2 per cent. Bosch is the top BSE Auto index gainer on Thursday, on an intraday basis. Tata Motors is seen trading in green while the Hero Motors share price is up by over 1 per cent on Thursday, on an intraday basis.
Eicher Motors and TVS Motors are the other auto stocks trading in green. The share price of Minda Industries, an auto ancillary company gained by over 4 per cent on Thursday.
Auto and auto ancillaries are expected to remain in limelight as the government has recently announced a PLI scheme for auto industry.
Bank Nifty is all set to close at its life high indicating positive momentum in the interest sensitive stocks.