As on 18/09/18, Maruti Suzuki is in downtrend. Resistance level is 8471.19 and support level is 8363.17. As per fibonacci and support trend line Maruti will fall upto 8281 and then bounce up from that level for targets 8600/89028/9108 by the end of 3rd or 4th week of October 2018.
The move down from the 9930 level seems to be in Double Zig Zag formation with the current progression being in W.b of the second Zig Zag.
If this is the count playing out then we should see a minimum 3 legged up move which can take Maruti to 9155-9230 (white resistance zone) .
The count will become Invalid if Maruti moves below 8795 and hence the same can be ...
Maruti Suzuki, Completed 5th Elliot Wave. Considering the bullish engulfing in 4 hr chart it should fall.
Incase if crosses 1.61 advance fibo ratio then next target will be around 10k. Keep on your radar
Long on Maruti @8837 (May futures price). Tight SL with good risk/reward ratio
MFI and OBV at very low levels
Ichimoku Chikou Span will hopefully emerge from congestion
Much of the market is overbought but Maruti has fallen significantly
Hi All ,
Maruti is heavily overbought on daily , But can't predict when will it turn around ,Maybe 10k psychological price point
No Naked shorting or Long:
Use following Futures and options strategy:
1) Buy Jan futures 1 lot , sell Feb futures 1 lot ( On pull back to moving average observe pattern and exit short , continue long)
2) wait patiently ...
maruti taking support at intermediate channel support and 50DMA .can go long with stop at 7730 and look for 8200 levels provided monthly sales numbers which are going to be declared on 1st of the October are good. RSI bouncing from 40 levels.