Expect Maruti to resume upmove to Rs 1525: Edelweiss

MUMBAI: According to Edelweiss, charts of Maruti look bullish and have triggered a buy signal. It expects the stock to hit initial target of Rs 1525.

“The stock price of Maruti has taken support at the 50-WEMA (equivalent to 200-DMA), as well as the upward rising trend channel support. A ‘doji’ formation on weekly chart suggests an indecisive trade, but on the break of Rs 1450, the stock is likely to take direction.

Weekly RSI is ion neutral zone, and the daily MACD has triggered a buy signal. We expect Maruti to resume the previous upmove from August for an initial target of Rs 1525. A move below Rs 1365 will negate bullish expectations on the stock,” the report said.