The stock of Maruti Udyog appears to be in the 3rd wave of intermediate degree and seems poised for targets of 1730 and then 1920 in the coming months. The current market price is 1600. The stock has broken out of a complex correction (W-X-Y) and is trending higher. A move below 1380 will cancel our bullish bias. Moving average analysis also supports the uptrend as the 50 day SMA (blue) is above the 200 DMA(Red).
|Maruti heading toward 1730/1920 levels in bullish 3rd wave?|