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Maruti Technical Analysis suggest that currently, the stock is in a no trading zone. On price action, it has formed a triple bottom. Normally, it is considered a very reliable chart pattern. However, Maruti is following a declining trendline and it always acts as a resistance for the stock.
Fibonacci retracement analysis suggests that the stock is in a downtrend and it has retraced back from the levels of 38.2% and 23.6%. The stock may resume its downtrend.
The price volume analysis suggests that the selling in the stock is delivery based. The size of the volume bars and the price candles suggest a bearish bias for the stock.
The option chain of the stock is bearish in short term and the stock is trading below the exponential moving average of 20 and 200 on the daily chart. It is a bearish sign.
There was a strong correlation between the Maruti and the NIFTY. However, last month, they are moving in the opposite direction. It means the Maruti Technical Analysis suggest that stock can fall at a faster pace compared to the index if the nifty changes its direction.
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