October 12, 2018 / 5:12 AM / a month ago

BUZZ-India's Maruti Suzuki breaks resistance at 7,138 rupees, may test 7,432 - technicals

** Maruti Suzuki India Ltd, the country’s largest carmaker, gains as much as 4.36 pct to 7,175 rupees and breaks a resistance at 7,138.15 rupees

** The 7,138.15 level is identified as the 14.6 pct Fibonacci retracement level of the downtrend from July 24 high to Oct. 9 low reut.rs/2OjsQ0v

** This suggests the stock may test a resistance at 7,432.25 rupees, the 23.6 pct retracement level

** Stock’s wave pattern suggests it has completed a three-wave correction and is in the initial wave of an uptrend, unless the correction turns out to be a more complex combination of corrective patterns

** RSI has cut above the 30 level from the oversold zone, which is seen as a positive for the stock

** Stock down 29.33 pct this year as of last close, compared with the broader NSE Index’s 2.81 pct fall in the same period (Reporting by Gaurav Dogra)

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