Sell maruti at every rise with tgt of 4560 & 4460
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...
MARUTI - LONG TERM is going to Go DOWNNNN - It should break the 3900 Mark
Short Term - Maruti will Go till 4250 - 4275 Levels. But Long Term it will for sure Fall
Maruti key resis at fib ratio and 200dma
It seems like maruti has steamed out with price action, where price is increasing but with low volume, showing weakness. I believe it has completed its 5 wave impulse move in its weekly chart. In order to confirm the bearish trend reveral, I'm waiting for a break out from the ascending triangle or rising wedge to downward.
In next 12-13 sessions Maruti offers decent returns of 3.5% to 7%. Stock currently trading to reach 61.8% retracement of last up move. This is where the opportunity lies where R:R is quite favorable. Once in the trade at around 3,575, use S/L as 3,535 (roughly 1%) which is a support level that lies between End of March till first week of April.