It is been observed that the price action breaks out from the consolidation between 5765-5635 levels on hourly chart and now it is heading towards the previous Gap Up to fill the gap.
Target: 5500
Stoploss: 5700
Maruti has been moving in an upward channel. Hit the higher end and is not being able to sustain at 5620 levels.
RSI is overbought.
If we see reversal from these levels, writing 5600 calls (October expiry) is a good trade. Time correction will also help the position.
Today's Price Movement breaks through the big rectangular consolidation. The consolidation is been continuing for a while but now it seems like the price action is changing gears, it shall move down further to the levels of 4750.
Target: 4750
Stoploss: 4930
