September 22, 2015
Maruti Suzuki (NSE Cash)
` 4600
` 4460 - 4490
` 4160
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 14:50 IST)
This stock gave a stupendous rally from the March 2014 low of 1543.37 in such a short span. The
broader degree trend remains bullish. However, on August 21, 2015, we observed first sign of
weakness on the daily chart (confirmation of ‘Long Legged Doji’). As a result, the weekly candle on
August 21, 2015 looked like a ‘Gravestone Doji’ pattern. The said pattern got confirmed on August
24, 2015 with a massive downside gap. A confirmation of such candlestick pattern with a gap is
extremely negative sign for the stock. This was followed by sharp correction and also a v-shaped
recovery in last three weeks. Going forward, we expect this gap area (4426.31 to 4502.31) to act as
a strong hurdle on the upside, which coincides with 78.6% Fibonacci retracement level of the recent
fall. Thus, we advise traders to sell this stock at current levels and on rise to ` 4490 for a target of `
4160 in coming 14 to 21 trading sessions. The stop loss for this trade set up can be kept at ` 4600.
September 22, 2015
Last 5 recommendations
Recom. Buying/Selling Range CMP
Target 1
Target 2
Axis Bank
532 - 536
Revise SL to 530
234 - 232
125 - 126
Coal India
339 - 336
SL Triggered
Reliance Inds
855 - 851
Exited at 870
Source: Angel Research
Research Team Tel: 022 - 30940000(Extn: 6552) Website: Email: [email protected]
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