The price of Maruti Suzuki has given a breakout from the wedge pattern formed on the daily chart which suggests that the trend has changed to positive from corrective.
In addition, the price has sustained above the 21-DEMA on the daily chart which indicates that the bullish trend is likely to continue in the near to short-term.
Traders can accumulate the stock in the range of Rs 9,180-9,230 for the target of Rs 9,800 with a stop loss below Rs 8,943.
Disclaimer: The author is Head of Wealth Management and Financial Planning, Bonanza Portfolio Ltd. The views and investment tips expressed by investment experts on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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