It looks like Maruti is about to start Wave-V of the Elliot Wave (1hr candles)
It is worth trying a long position because the SL can be just a few points below May 30th low 8572... say 8560.
If it dips below that then the Wave structure visualised in the chart is not valid and has to be adjusted.
Even those who trade in futures are risking only about Rs2000-2500 per lot since the lot size is 75.
Basically I am quite sure that Maruti will go up in the June contract.
It is worth trying a long position because the SL can be just a few points below May 30th low 8572... say 8560.
If it dips below that then the Wave structure visualised in the chart is not valid and has to be adjusted.
Even those who trade in futures are risking only about Rs2000-2500 per lot since the lot size is 75.
Basically I am quite sure that Maruti will go up in the June contract.
Comment:
Do not trade Maruti today
Trade active:
Long @ 8583 SL 8550 June contract... risky but very tight SL so max loss of about 2300 per lot... targets to be decided
Comment:
Looks like this was a good entry. Trailing SL so no loss if it falls. Hoping for 8740 (June futures)... lets see
Trade closed manually:
Closed @8616 (June futures)... today I am trading for small movements with multiple lots
Comment:
8619 was the 5 minute Kijun Sen line... closed because price could not break this resistance
Trade active:
Went long on June contract towards close of market yesterday. Trade active. Hoping for 8871 which is the 50 MA (futures June price)
Trade closed manually:
Closed @8826 (futures price). Shall re-enter from lower levels. About 225 points per lot profit...
Trade closed: target reached:
Bottom of Target range reached.
Comment:
Target 2 reached
Comment:
Long again in Maruti futures
Trade active:
Position open
Trade closed manually:
Closed @ 8930 (futures price).
Maruti has now hit the 38.2% Fib retracement of the drop from December to end May. It may correct a bit or consolidate. But the trend is up. Levels I am expecting eventually are: 9000/90150/9345 (futures prices)
Maruti has now hit the 38.2% Fib retracement of the drop from December to end May. It may correct a bit or consolidate. But the trend is up. Levels I am expecting eventually are: 9000/90150/9345 (futures prices)
Comment:
Top of Target Range-1 reached
Trade active:
Went long again on June 8th. Still holding.
Trade closed manually:
Closed yesterday. Expecting a bounce from about 8873...
Comment:
This is perhaps a good time to go long on Maruti. SL below 8850.
Comment:
Immediate target reached: 8999 in futures market
Comment:
Refer to the new chart as well:
