Technical Pick – Maruti Suzuki India
• Maruti is finding support at 8145 and resistance above 8230.
•On Daily chart, Maruti is showing breakout point above 8230 level.Break and sustain above 8230 will see nonstop rally till 8260--8315++ in weeks to come.
• Maruti has been trading in a broader range of 4999--8370 for last one year.
•Stochastic too has given the positive crossover (Buy signal) which indicates that upper side seems certain in it.
•Traders don’t go for aggressive or positional selling at all because trend looks positive and we expect rally to remain continue till 8260--8315+++mark in coming weeks.
For positional trade, stop loss seeing below 8145 on closing basis which in unlikely to breach in near terms.
Trading Recommendation (16th Nov 2017)
Buy Maruti above 8230 and for the initial upside target of 8260--8315++ mark with stop loss below 8145 on closing basis.
More will update soon!!!
