Maruti Suzuki India Limited is within an approximate horizontal trend channel in the medium long term, which indicates further development in the same direction. It also gave positive signal from the double bottom formation at the break up through the resistance at 8942.
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Further rise to 9707 or more is signaled. The moving average indicator has given a positive signal. In isolation, this signals a continued rise, but the slowness of the indicator often means that one has lost much of the upside. The stock is testing resistance at rupee 9400. This could give a negative reaction, but an upward breakthrough of rupee 9400 means a positive signal. Volume has previously been high at price tops and low at price bottoms. This strengthens the stock and indicates increased chance of a break up. The stock is overall assessed as technically positive for the medium long term.
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