Technical Analysis – Maruti Suzuki
The stock slipped Rs 20 or 1.5 per cent previous week. Taking support from the 200-day moving average at Rs 1,321 and also just above our support level of Rs 1,311, the stock bounced upward on Friday in line with our expectations.
Significant support for the near-term is at Rs 1,321 and subsequent support level is at Rs 1,291. Short-term trader can buy with tight stop at Rs 1,350, with targets at Rs 1,410.
The medium-term trend is negative for the stock from its all-time high of Rs 1,740, recorded in September 2009. The upcoming week is crucial for the stock, any move above Rs 1,470 will negate this downtrend.
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