SELL MARUTI BELOW 8720 TGT 8650/8575 SL 8800
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TECHNICAL VIEW: Maruti is forming a reversal pattern in short-term charts, the Primary trend of the MARUTI is bearish. Strong Support level is seen on the daily chart at 8550. , it is likely to show correction with the breach of the support level of 8575, where one may initiate the short position in it for the targets of 8500, while stop loss can be placed at 8800. as the stock is managing to trade BELOW its 22& 55 days moving averages with the RSI of 40. After the breakout, the level of 8800 One may get the targets of 8850,8950 in the stock with the stop loss of 8500.200 EMA seen as a strong support at 8199 .
DAILY CHART FOR MARUTI:
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