Trade Idea of The Day - Maruti Suzuki India Ltd Target Rs.80- Religare Broking Ltd
Maruti Suzuki India Ltd
BUY Maruti Suzuki India Ltd 30 MAR 3900 CE SELL Maruti Suzuki India Ltd SELL 30 MAR 15500 CE Entry Range 125-135 Target Range 80 Stop Loss 220
Rationale
* On the daily chart the stock prices successfully retested the long term moving average of 200-DEMA, confirming strong long-term structural support around the 14,800 level.
* The MACD histogram placed in a positive trajectory and upcoming sessions may witnessed positive crossover, reflecting shift in prevailing trend from sideways to bullish momentum.
* The key trend indicator 14-Day RSI is hovering near 50 mark, indicating strength of current price actions and increased buying may emerge in the upcoming sessions.
* On the technical front recent price action shows a series of higher lows since the February series, indicating that buyers are stepping in aggressively at higher price points.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ00017433re
