Friday, September 22, 2017

MARUTI IS IN SHORT TERM REVERSAL PHASE


sell MARUTI ABOVE 8050 TGT 8000/7900 SL 8120


TECHNICAL VIEW:  After showing strong bullish movement , it  is forming a reversal pattern in short term charts, Primary trend of the MARUTI is bearish. Strong Support level seen on daily chart at 8050. , it is likely to show correction with the breach of the support level of 8050, where one may initiate the short position in it for the targets of 8000/7900, while stop loss can be placed at 8120. On the other side It is likely to continue the upside move in near term with the crossing of the resistance level of 8150. as the stock is managing to trade above its 22& 50 and 200 days moving averages with the RSI of 60.  After breakout, the level of 8150 One may get the targets of 8200,8260 in the stock with the stop loss of 8050.

DAILY CHART FOR MARUTI:

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