MUL declined sharply in the earlier part of the week but it reversed from our medium term support of Rs 740 to close the week on a flat note. Short-term trend in the stock is down.
Immediate resistance for the stock is at Rs 826. Inability to move above this level can cause the correction to prolong and make the stock decline to Rs 735 or Rs 685. A move above Rs 826 will make the short-term trend positive paving the way for a rally to Rs 873.
The medium term trend in the stock is up but it has already retraced half the losses made in the previous down-move.
A medium term reversal is possible from the recent peak at Rs 873.
Move above this level will give the next target at Rs 950.
— Lokeshwarri SKbusinessline 26-04-09
Maruti has jumped more recently and is now in a down turn. Buy on dips and the range should be 725-750 for a target price of 1000 and holding period should be a year. Aggressive traders can short this stock with strict stop loss placed at Rs.830 for a target of 760 for the week
Equity Research Team
Intelligent Investor -
Invest Advisory Arm of
Ravina Consulting
Bangalore India
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