8/8/2019 Technical View Maruti Filling-In-The-gap 150910

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8/8/2019 Technical View Maruti Filling-In-The-gap 150910

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Maruti Filling in the gap!

Technica l V iew 2

Maruti is a buy above Rs1,380 as it offers four compelling reasons:

Breakout from 1-year downward sloping trendline.

Delivery-based buying around 200-DMA.

Breakaway gap filled in this week.

Channel breakout on the weekly chart.

Interestingly, Maruti also satisfies Ganns 50% rule on the 2010 chart. The 50% rule states that, aftera sustained price move, prices will react to 50% (placed at Rs1,377). If the retracement exceeds 50%,it will continue to the 62% level.

If Maruti sustains above Rs1,380 levels it could attempt Rs1,435-1,475 in the short-term.Traders can initiate longs w ith a stop loss of Rs1,330.

Maruti daily chart

09:AS O N D 10:J F M A M J J A S

Log IRIS

Source : www.SpiderSoftwareIndia.Com

900

1000

1100

1200

1300

1400

1500

1600

1700

Lk

20.00

40.00

60.00

Price Avg2(S,100,S,200)

Vol

MARUTI [N10999] 1349.00, 1361.80, 1348.70, 1360.00, 128234 1.00%

Dly

0

Source: IRIS, India Infoline Research

Downward sloping resistance line

200-DMA

Increased volume

200-DMA

8/8/2019 Technical View Maruti Filling-In-The-gap 150910

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