Is Maruti Suzuki ready for uptrend (Technical Analysis)?

This is not a TIP or SUGGESTION. If you are taking a call it’s your RISK. We can have personal interest and positions in the stock, so do your analysis before investing.

As a routine this week at www.tradingkamai.com www.tradingkamai.com we were running our weekly technical scan and a very interesting stock popped up MARUTI SUZUKI. Now Maruti Suzuki was in bad news due to Manesar union and worker problems. But as pure technical analyst we would like to avoid discussing those things and concentrate purely on CHART’s and NUMBER’s to figure out if this RISK is worth taking.

If you look at the charts the first thing which is worth noticing is the STRONG TREND LINE which is broken. Now this trend line is not a normal trendline, but it’s a 3 yrs plotted trend line. So breaking this kind of trend line means a lot for Technical analyst’s.

There were 3 attempts made to break this trend line one during the year 2010 and two times during 2012 Finally it has now made the break out.  So below is our analysis for the same.

Buy between: - 1460 – 1470
Stop loss: - 1380
Book profits at: - 1600, 1700 and 1800.

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