Eicher Motors had a very large auto rally. At some point it is a cyclical industry, so the sales cannot be maintained at that pace.
At 200-day moving average, Eicher Motors is not finding significant support. Therefore, there are chances that you could have a further correction maybe towards Rs 25,000-25,500 given the market is also now looking shaky.
Eicher Motors Limited incorporated in 1982, is an Indian automaker company based in Gurgaon, India. Eicher owns Royal Enfield.
The analysts believe that Eicher Motors is not a right choice to buy at present even though it has corrected quite a bit. In future, it may correct even further. We need to remember well that the markets have two directions. Therefore, when the other direction comes in it feels a little funny, but be sure that whatever has gone up will correct in equal measure as well.