NeeteshJain
Short

Maruti - Doji with Bearish Divergence (Sell)

NSE:MARUTI   MARUTI SUZUKI IND
I have observed three doji candlesticks , that denotes consolidation or distribution, where previous buyers book profit or distribute their shares. It is at the level of selling or resistance. I believe it is a good time to short it now at minimum risk size and also at this point where Nifty             is also looking bearish .

Further 3 points noted:
1. Doji formation with bearish divergence
2. Shrinking of volume levels with increasing prices, signals trend change, for this one, a bearish signal.
3. Double Top with bearish divergence.

Above points make me think that it is a good sell, with a stoploss of 4238 (1.28%) and target of 3922 (6%)
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