Maruti Technical Analysis
Today’s paper trade is on Maruti.
My view: Bearish to sideways.
The motive of trade: Stock has formed a weekly top and should be sideways negative this week. 26th July is the quarterly result. So, Exit would be before 25th July.
Profit & loss Graph: Maximum profit will be 14500 @ 4300 strikes and If the stock remains above 4400 then we will lose 120 rupees + brokerage. Our stop loss will be 4200. We cannot hold positions below 4200 as our loss will pick the pace after that point.
Technical reason: Why I have a bearish view on Maruti because the stock has formed a bearish candle on top of a channel. Also, RSI also suggests overbought on the daily chart. See chart below