MARUTI IS IN SHORT TERM REVERSAL PHASE

SELL MARUTI BELOW 8850 TGT 8800/8750 SL 8900

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TECHNICAL VIEW:  After showing strong bullish movement, it is forming a reversal pattern in short-term charts, the Primary trend of the LT is bearish. Strong Support level is seen on the daily chart at 8850. , it is likely to show correction with the breach of the support level of 8000, where one may initiate the short position in it for the targets of 8750/8700, while stop loss can be placed at 8900. On the other side, It is likely to continue the upside move in near term with the crossing of the resistance level of 8900. as the stock is managing to trade above its 22& 50 and 200 days moving averages with the RSI of 50.  After the breakout, the level of 8900 One may get the targets of 9000,9050 in the stock with the stop loss of 8850.

DAILY CHART FOR MARUTI: