It seems like maruti has steamed out with price action, where price is increasing but with low volume, showing weakness. I believe it has completed its 5 wave impulse move in its weekly chart.
In order to confirm the bearish trend reveral, I'm waiting for a break out from the ascending triangle or rising wedge to downward.
In next 12-13 sessions Maruti offers decent returns of 3.5% to 7%. Stock currently trading to reach 61.8% retracement of last up move. This is where the opportunity lies where R:R is quite favorable. Once in the trade at around 3,575, use S/L as 3,535 (roughly 1%) which is a support level that lies between End of March till first week of April.
Maruti has hit 127.3% extension, and thats high probable reversal zone, further if you see chart we have bearish engulfing pattern, so expecting chart to visit middle bollinger band around 3300/3350 zone!
