An investment idea in MARUTI on NSE (INDIA)

This is weekly chart of MARUTI on NSE (INDIA) with CMP @ 7165. It seems to be a good investment opportunity in this scrip based on following observations:

1. During the week starting 10th July 2017, there was sharp fall in the price and then immediate recovery in the same week. It entails that huge demand surfaced in the week. Again the same level has been tested on 8th Oct 2018 and 22nd Oct 2018 before it indicated reversal. (these points are marked on the chart with arrows).

2. Price retraced to key level of 61.8% on Fibo before it is showing reversal as shown on the chart.

3. Double horn formation can be witnessed during 22nd Oct - 29th Oct 2018)

4. Price came quite close to EMA200 before showing reversal post consolidation. Similar price behaviour can be seen on the chart earlier during 29th Feb to 4th April 2016) before major bull run in this stock.

5. Bullish divergence is also witnessed on RSI as indicated/marked on the chart.

In view of above, it looks an excellent stock for investment perspective with Stop@ low of previous low.


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