Technical Analysis Maruti Suzuki India Limited

The stock

is currently in a corrective phase or retracement. After hitting a significant peak above 17000 it has experienced a sharp decline. Recently support the price is currently hovering around the 14000–14150 level. This area previously acted as a breakout point or a zone of interest making it a critical support level. If it fails to hold here we might see further downside. The immediate hurdle lies near the 15000 level which the price will need to reclaim to regain bullish momentum. The recent movement shows a series of lower highs and lower lows from the peak which indicates selling pressure. The current candle suggests a struggle between bulls and bears at this support zone. The volume bars at the bottom show mixed activity. We need to see an increase in buying volume green bars to confirm that the current support is strong enough to trigger a reversal. Wait for Stability do not buy just because the price has dropped. Wait for the stock to stop falling and move sideways consolidate near the 14000–14150 support zone. The Safe entry a safer entry point would be if the stock manages to cross and hold above the 15000 level. This would confirm that the immediate downtrend is over. Technical analysis is based on historical patterns and does not guarantee future results. Always use a Stop-Loss to manage your risk.