scorecardresearchMaruti Suzuki shares fall for sixth consecutive session amid weak market;

Maruti Suzuki shares fall for sixth consecutive session amid weak market; check details

Updated: 20 Mar 2023, 03:01 PM IST
TL;DR.

  • According to Osho Krishan, Senior Analyst - Technical & Derivative Research, Angel One Ltd, Maruti has corrected nearly 10% from the highs made on February 1, and has plunged below the 200 SMA on the daily chart, indicating inherent weakness.

Shares of Maruti Suzuki fall for the sixth session on Monday.

Shares of Maruti Suzuki fall for the sixth session on Monday.

Shares of Maruti Suzuki India Ltd extended their bearish trend for the sixth consecutive trading session on Monday amid an overall weak market, losing 5%. In the last five trading sessions, the stock fell 3.30%.

In line with their peers, domestic benchmark indices declined on Monday as riskier assets were sold off amid concerns about a possible global banking sector crisis.

"The intense sell-off in the global markets dented our sentiments, mirroring which Nifty tumbled below the 200 simple moving average (SMA)," said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd.

The Nifty Auto lost 1.6% in Monday's volatile market. Samvardhana Motherson International Ltd, Tata Motors Ltd, and Sona BLW Precision Forgings Ltd were among the biggest losers of Nifty Auto, down over 3% each.

According to Osho Krishan, Senior Analyst - Technical & Derivative Research, Angel One Ltd, Maruti has corrected nearly 10% from the highs made on February 1, and has plunged below the 200 SMA on the daily chart, indicating inherent weakness.

Article
Maruti Suzuki in the last six months

On the technical aspect, the stock is currently hovering near the immediate swing low of 8,076-odd levels and any breach below this could further disrupt the technicality of the stock price. On the contrary, 8,500 is likely to act as a stiff resistance, followed by the sturdy wall of 200 SMA placed around 8,650-odd levels.

The stock's weekly average delivery volume is 58.89%, and the stock price rose 6.2% and underperformed its sector by 11.9% in the past year.

According to a MintGenie poll, 42 analysts on an average recommend 'buy' rating for the stock.

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First Published: 20 Mar 2023, 03:01 PM IST