Weekly analysis of Maruti Suzuki (08/08/22).

Maruti on the weekly time frame has formed a gravestone doji and respected the trendline that it has been following from April 2019.

The stock is trading in the parallel channel and there is a resistance area formed by the previous high.

In the last 2 months, the stock has gained around 15% and the double trend line rejection can be a signal of shorting maruti.

The stock has been taking support from its 20 DMA and is trading just above the moving average.

Gravestone doji with a high volume confirms a shorting opporunity in the stock.

There are 4 green candle on the monthly analysis and in the first week of the month is has formed a nice shorting signal.

Support :- 8850, 8377
Resistance :- 8970, 9530

If the daily candle closed below the 20 DMA, maruti is short upto the level of 8400.

Otherwise, wait for the weekly close and take targets of the moving averages.


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