Trade Idea of The Day - Maruti Suzuki India Ltd Target Rs. 250 - Religare Broking Ltd
Maruti Suzuki India Ltd
BUY 30 JUN 13200 PUT Entry Range 100 - 120 Target 250 Stop Loss 40
Rationale
1. MARUTI remained under continues pressure with rejection near 100-DEMA, indicating weakness near the 13,400- 13,500 resistance zone. Recently the stock prices witnessed a fall below its key moving averages of 20-DEMA and 50-DEMA, reflecting a negative short-term trend.
2. On the technical front, repeated failures to sustain above the 13,400 mark suggest a lack of buying interest. A breakdown below the 13,200 support zone could trigger further downside towards 12900-12800 zone.
3. Momentum indicators also remain weak, with RSI hovering below 50 mark and drifting lower, indicating fading strength. Meanwhile, the MACD is witnessing a loss of momentum, supporting the bearish outlook.
4. Overall, the bias remains negative as long as the prices trades below the 13,400-13,500 resistance band. For the near term recent price structure indicates the extension of the corrective tone furthermore.
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