joyesh

Maruti - Long Swing Trade

Long
NSE:MARUTI   MARUTI SUZUKI IND
Maruti completed a bull phase with supply seen in the 8450 - 10000 rectangle zone.

The scrip appears to be breaking out of a year long downward channel move on the back of rising demand as seen in the volume with reasonable accumulation.

Stop Loss: 6650
Target: 8450
Comment: Trend appears to be intact.
Comment: Stop Loss should now be trailed up to 7000.
Comment: Bullish trend appears to be intact. Stock stayed strong after the announcement of the monthly sales figures.
Comment: Selling pressure was followed by a short term support at breakout levels. One could imply that the buyers at those levels are ready to defend their long positions.