Buy Maruti Suzuki, target Rs 4705: Rajat Bose

Rajat Bose of rajatkbose.com told CNBC-TV18, "Maruti Suzuki definitely looks like a buy. I recommended it to my clients for the precise reason that when on Friday there was carnage, Maruti recovered from the lows of close to Rs 4,400, there was a rally and then despite the Dow doing so badly, Maruti right from yesterday morning showed strength and that strength carried over although brief downfall happened to about Rs 4,550 yesterday but ultimately it closed above the critical resistance level of Rs 4,580 or thereabouts."

"Maruti under such situations, I have seen that it actually carries forward this kind of movement even on the third day. I am banking on that, so my stop loss would be below Rs 4,515 and the targets that I have kept are Rs 4,638 and Rs 4,705. Maruti will complete its pullback rally by the time it reaches above Rs 4,700," he added.

"Tata Motors continues to look a little weaker. Yesterday there was a hammer-line formation but then I would say that there is still a gap that needs to be filled. Once it trades above Rs 375, then you can expect some kind of an upswing. However, Tata Motors is nothing compared to Maruti."

"Regarding Mahindra and Mahindra (M&M), I would say that it has moved up yesterday but I would like to see whether it crosses its 13-day exponential moving average at Rs 1,307. If it were to trade above Rs 1,307, probably it will show some minor bounce but M&M and Maruti are still better but Tata Motors is no way a buy."