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Technical Analysis: Maruti Suzuki trading at Support level

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Maruti Suzuki stock is in an uptrend on a medium-term chart. But the stock is correcting on the daily chart and is now trading at a support level. This support is provided by a 50% fibonacci retracement level (High of 9770 and low of 6570), so 8150 is a strong support zone for the stock in the short term.

Trading idea:

We will be looking for buying opportunity in MARUTI around 8150 for a target of 8950, with stop loss being placed at 8000 level. This is not a intraday trading call, traders need to keep this position open for at least 8 to 10 trading sessions. Risk to reward ratio is comfortable at 1:8, so the trade is worth taking.

The article was published on 6 April 2023. Watch the below video for complete technical analysis info.

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About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

Comments

  1. danish says

    How you have decided that the stop loss is around 1245. Please explain

    Reply

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