Trade Idea of The Day - Maruti Suzuki Ltd Target Rs. 220 - Religare Broking Ltd
Maruti Suzuki Ltd BUY 24 FEB 15300 CESELL 24 FEB 15600 CE Entry Range 120 - 130 Target Range 220 Stop Loss 84
Rationale
* On the daily chart MARUTI price has successfully reclaimed its short term moving average of the 20-DEMA, signalling a shift in short-term momentum from bearish to bullish.
* After a sharp correction in late January month, the prices found strong buying interest near the 14,000 level, forming a base bottom and a higher low.
* On the daily timeframe The MACD Histogram shows a positive crossover currently traded in the bullish trajectory, suggesting the downward trend is exhausted and prices may gradually inches higher
* The key momentum indicator RSI is trending upward toward the 50-mark, indicating rebound in strength without being overbought.
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