AbhishekHSinghCMT
Short

Maruti- Possible Reversal from channel top@5658 Highs

NSE:MARUTI   MARUTI SUZUKI IND
454 views
12
454 14
6th Jan2017 - 15:20 Hrs

Last price@5614

Maruti could be on reversal from tops@5658 -it took out the channel marginally but reversed back within the channel so going forward below 5590- Maruti could be in pressure or wait for a bounce back between 5635-5645 for taking sells with stops above 5658.

Target Zone
We could be open in 5300-5325-- Below 5300 for 5050-5100 - Below 5035 Double Bottoms- Bhagwan Bachaye.
Jan 09
Trade active: 19:26 Hrs 9th Jan2017

Closing Price@5675

Lost 15 points & stop loss got hit -after a long time - entered in pullback for short trade between 5635-5645 with stops at 5660.

Likely, I will wait to see further price action & shall come back again
Best Regards,
Abhishek H. Singh, CMT
​Growth Director - India
http://in.tradingview.com
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Hi Abhishek,

can i sell maruti now.
Reply
@ManojDagia, There is no confirmation yet-likely it is better below 5590 only.
Reply
Thnx for the follow up @AbhishekHSinghCMT
Reply
OK
Reply
the candlestick price action is rejected for further high move , I will drop to 5500 or slightly near to 5500
Lets wait and watch sir
Shivakumar
Reply
@shiv2798, it will be better if moves below 5590 & sustains.
Reply
Thnx for the post, so, if Maruti spot comes below 5590, one should take a short position and wait around till 5300-5330, right? I'm just trying to verify my understanding of your post.
Reply
AbhishekHSinghCMT sanjoy.bose.it
@sanjoy.bose.it, Yes- but always take care financial instruments never move in straight line.
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sanjoy.bose.it AbhishekHSinghCMT
@AbhishekHSinghCMT, Sure and many thnx for the same.
Reply
Dear Abhishek, IMHO, even if we assume W-X-Y structure, Y leg is still not complete and we should see 1-2 higher highs after intermediate consolidations.
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