Maruti Suzuki India Ltd. is in a very good shape right now. Let me take you to few historical insights. Recently a Wolfe Wave was completed determining its Point 4 for the primary Wave. A smooth reversal from the point hints towards initiation of Wave 5th .
7533 to 7730 is the rectangular consolidation phase of the stock with a drying volume. As the selling volume was really high while the stock was in wave 4th, I expect there could be huge buy volume in the upcoming days.
Mark the blue trend line that is a long term support. All black lines are the minor resistance lines, Which the stock could respect while moving upwards.
From the CMP 7568 till 7400 is a very good accumulation phase. Stop-loss and Targets will be updated later. As Maruti Suzuki India Ltd. has a heavy weightage in NIFTY AUTO, Maruti Suzuki India Ltd. would be a important player once the index starts moving up.
CHART AND ANALYSIS BY - ADARSH DEY
7533 to 7730 is the rectangular consolidation phase of the stock with a drying volume. As the selling volume was really high while the stock was in wave 4th, I expect there could be huge buy volume in the upcoming days.
Mark the blue trend line that is a long term support. All black lines are the minor resistance lines, Which the stock could respect while moving upwards.
From the CMP 7568 till 7400 is a very good accumulation phase. Stop-loss and Targets will be updated later. As Maruti Suzuki India Ltd. has a heavy weightage in NIFTY AUTO, Maruti Suzuki India Ltd. would be a important player once the index starts moving up.
CHART AND ANALYSIS BY - ADARSH DEY
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Maruti Broked the Trend line hence a breakdown in the price was seen. This breakdown of trendline is a good sign in one way or the other as Bullish Wolfe Wave has been formed and hope that the price could retest upside again.
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