Weekly breakout in MARUTI with good volumes. The stock has been consolidating for 16 weeks after the breakout and taking support on the breakout trendline. It is a good zone to buy as the Stoploss is small while the upside looks very good.
The stock's Fundamentals look very good as well. Overall it will be a good bet.
The chart pattern of MARUTI is looking wonderful at this point and if two candles survive above the trendline it can be a trending stock.
Disclaimer - I am not a SEBI-registered technical analyst and advisor so contact your financial advisor and make a self-decision. I will not be responsible for any profit and loss
Maruti Ltd on 2-hour timeframe
You can see a wide channel forming and currently trading at major trend + channel support trend line.
The probability of reversal is very high.
Entry has 2 Scenarios:-
1. It can Give a breakout above 9565 directly or
2. It will again test the support zone and forms a double bottom pattern and then breakout...
BUY - MARUTI SUZUKI IND
CMP - Rs. 9295
Target - 1: Rs. 12300
Target - 2: Rs. 13800
Target - 3: Rs. 15500
Technicals - Cup and Handle Pattern
This is just a view by an expert analyst, please invest at your own risk.
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Stock Name - Maruti Suzuki India Limited
Ichimoku Cloud Setup :
1). Today's close is above the Conversion Line
2). Future Kumo is Turning Bullish
3). Chikou span is slanting upwards
All these parameters are showing bullishness at Current Market Price
and more bullishness AFTER crossing 9415
#This is not Buy and Sell recommendation to any one. This is for...
1 hr Time frame
Resistance - 8538
May see a breakout if its above 8538
1. Ellipse Shape - Consolidation after every uptrend
2. Red Arrow - Rejection and profit booking at upside
This chart is only for educational purpose Do your own study before entering any trade
Maruti Suzuki , under retracement trying to find its way to the original uptrend. Currently moving under the channel from 8635.20 and 8966.25 . Here recently we saw a false break out the support, which in turn implies that buyers will not let it come down now. The stock is also supported by two EMAs and thus we may probably see a break out at resistance this time....