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Maruti Technical Setup or technical analysis suggests that speculative positions are being built in the stock. In the stock talk series, we discussed Maruti Technical Setup earlier also in Mar’19 and the stock followed the technical analysis perfectly.
On price action, the stock formed an inverted flag pattern and the double top or M pattern. It is also trading in a downward channel and trading at a key support level.
The Fibonacci Retracement suggest that stock can bounce back till 38.2% level based on historical data. The current up move is also attributed to the bullish divergence formed on the daily chart.
The Heikin Ashi candles and the stochastic RSI setup also suggest small bounce back. The stock is currently testing its 20-period exponential average.
The volume and delivery % analysis suggest that the speculative positions are being built in the stock and it can be a good swing trading opportunity. The option chain is bullish in the short term.
The stock does not have any correlation with the NIFTY and the auto sector is currently underperforming viz a viz nifty.
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