Aditya Agarwal
Way2Wealth Brokers
After posting a high of Rs 9842 which was a tad below its all-time high of Rs 9909, Maruti Suzuki India nosedived sharply and slipped below the Rs 9000 mark. Subsequently, the bouts of buying interest gradually drove the stock higher.
Looking at the daily chart, the previous daily swing high of Rs 8938 (on a closing basis) had reversed its role post the breakout and proved as a strong support.
On a minor degree chart, we are seeing a formation of inverse head & shoulder and in Thursday’s trade, the stock penetrated the neckline of the said pattern.
Considering the above evidence, traders are recommended to buy Maruti around Rs 9220 with a price target of Rs 9840. Stop loss should be placed at Rs 8930.
Disclaimer: The author Head of Technical Research, Way2Wealth Brokers Pvt. Ltd. The views and investment tips expressed by investment expert 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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