Maruti had a big rally in last 3 years from 4800 levels to almost 10,000.
This seems to be changing as it showed a Double top pattern at higher levels and broke the trend line.
Maruti is a positional sell with a stoploss of 8800 and targets can be 8000 and 7400.
Auto Stocks may be at a crucial level.
Index has been creating a falling wedge pattern closely following the mentioned trend line.
A weekly close below the red line may be bearish and targets upto 9920 levels.
Similarly weekly closing above the falling trend line may signal uptrend till previous highs.
Lot depends on news flow and earnings so lets see...
Heromotoco has given breakout from Flag formation after being in a range for about 2 months. With this it is likely to touch 4200-4250 levels. Stop Loss should be closing below 3750 levels.
on daily chart HEROMOTO is looking strong and it just need average results to move higher and start a new bullish trend.
For Short term (till results out) target is 3400 with SL being 3100.
If results are good, buy on every dip for the targets of 3700, 4000 accumulate up to dips of 3000.
