Trade Idea of The Day - Maruti Suzuki India Ltd Target Rs.390 - Religare Broking Ltd
Maruti Suzuki India Ltd
BUY 28 APR 13200 PUT Maruti Suzuki India Ltd Entry Range 210-220 Target Range 390 Stop Loss 120
Rationale
* On the daily chart MARUTI has witnessed a range breakdown, indicating exhaustion of prior consolidation support and signalling continuation of the downtrend.
* On the technical font prices are slipped below the 20-DEMA, reinforcing short-term weakness. The inability to reclaim this average suggests sellers remain in control, and any pullback towards the EMA may act as a selling opportunity.
* The overall structure shows lower highs and lower lows, confirming a bearish trend. Recent pullbacks lack strength, highlighting weak demand at higher levels.
* On the broader timeframe, the MACD histogram trades in a negative territory, indicating that bearish momentum remain intact in the near term and prices may witnessed further downside.
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