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...
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.
