We can see that the stock has taken support at the critical level, below this the stock may fall badly & resume it’s trend down. The RSI is holding on to the 40 levels, we may expect the hammer to work and prices should move ahead from this level. The probable target zones in short term may be around 450 & 500 levels while closing below 285 will be not good.
The stock has reached the last stand for buyers, any close below 290 and sustenance below it will push the stock into bear grip. The RSI is oversold and it can remain in oversold condition in bearish condition for extended period. Any pullback may provide shorting opportunity if weakness persists.
MARUTI SUZUKI IND: After a splendor rally from lows to 7830 levels the stock pulled back a little after taking hit at a resistance point. In the last session it created a narrow range candle & closed positive for the day. The RSI took support near the 40 levels and MACD is well above zero into bullish zone. Holding 7000 on closing basis will be positive for the...
