Wait and watch for Maruti Suzuki: Mitesh Thacker
The stock was looking good, it definitely gave a good breakout but it is now trading just below the 200-day average which is at about 1125.
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| Updated: In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com shares his views on Maruti Suzuki India Ltd.
What is your call on Maruti Suzuki India Ltd.?
One, the stock was looking good, it definitely gave a good breakout but it is now trading just below the 200-day average which is at about 1125. Also that is the weekly swing high of earlier consolidation. So right after 10% rise when you run into a supply zone, it does not make sense to go long at this point in time.
Either you buy after a breakout or you wait for the stock to give some kind of a pullback which is something difficult to pick out but either ways you are buying only when the risk reward equation is much in your favour.
What is your call on Maruti Suzuki India Ltd.?
One, the stock was looking good, it definitely gave a good breakout but it is now trading just below the 200-day average which is at about 1125. Also that is the weekly swing high of earlier consolidation. So right after 10% rise when you run into a supply zone, it does not make sense to go long at this point in time.
Either you buy after a breakout or you wait for the stock to give some kind of a pullback which is something difficult to pick out but either ways you are buying only when the risk reward equation is much in your favour.
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