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Maruti Suzuki has been under severe selling pressure from last November. This long-term down-trend halted in the first week of July and a steady medium-term up-trend is in progress since then. This move can be enclosed within an upward moving trend channel. The key long-term support for this stock is at Rs 572 and two weekly closes below this level need to be recorded for the long-term view to turn negative.

The stock will face strong resistances at Rs 750 and then at Rs 800 in the near-term. A sideways move between Rs 600 and Rs 800 is possible over the next couple of months. Short-term supports are at Rs 610 and Rs 600.

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