MARUTI SUZUKI LTD
Open-6160—High-6279.60---Low—6040---Close—6254.35
on 23.8.2019
Support: 6233/6174/6155/5974/5955/5800/5710/5642/5590/5446.
Resistance: -6298.50/6322/6359/6450/6480/6500.
Broad
Range as of now:-5446—6350---6500.
Short
Range:--5750---5900---6350
It is technically weak and the trend is down but right now it is in pull
back mode and it may further move up from here but it is near the upper band of
the short range and not very far from the upper band of the broad range. This
pull back rally may exhaust in the range 6350—6500 or earlier, but if it moves
above 6500 and sustain then it can rise very smartly, but as of now it looks
less likely. The pull back rallies are treacherous in nature and can fizzle out
abruptly so long trader should be very alert and careful in their trade
commitments; however those traders who wish to take advantage of this rally can
take long position on decline and are advised to structure their trade with the
help of the range and support and resistance levels mentioned above with proper
stop losses. Please note that long trade should be completely avoided below 6000.
You can off course try the long trade near the major bottom of 5450—446 with a
stop loss of below 5390.
Remark:
- The trend is down but
it is in pullback mode and this may last for some time but the price is near
the strong resistance area, therefore for safe trader long trade should not be
tried at this juncture. However aggressive trader can try long call on decline
as suggested above. It still seems that long term bottom is yet to be made; so
long term investor should have some patience before putting in fresh money.
Disclaimer:-The
view expressed here are solely of the author and he is not at all responsible
in any way for the outcome of the trade you enter based on the above view.
Kindly note that make your cost your stop loss in favourable trade and then trail it as the price move up/down to gain maximum profit and
avoid losses. Use support and resistance levels as entry, exit, target and
trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.
Note:
Price stated here is of spot market.
Contact me for
strategic guidance to enter and exit trade.
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Thank you for sharing your views.