Buy Maruti Suzuki on correction: Madan

Madan told CNBC-TV18, “I think the trend of Maruti Suzuki is up though the financial performance is that the environment is little challenging, the effect of the margin pressure is there but I still feel that the trend for Maruti is up. Any dip maybe in the current phase it has to give us a breakout, it is consolidating at this level. "

He further added, "I would say the ideal opportunity would be in the next probably 20-30 days whether it is because of fiscal cliff or because of any other reason, if there is a knee-jerk reaction to the market and we get it at a lower price probably that is the time to enter the market for a probably three months trade and you might get an opportunity to get out."

"It is in a consolidation, it has to give us a breakout signal which it is not giving but the overall trend is up. I think the better price if you want to be in a safe orbit then some sharp or good correction because Maruti is one of the leading stock, it would be best and appropriate time to enter," he added.