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Maruti Suzuki moved contrary to our expectation last week; reversing from an intra week peak at Rs 559 and closing with a 7 per cent loss. Immediate support for the stock is at Rs 492.

Short-term traders can initiate fresh shorts on a decline below this level.

Close below this level will pull it down to Rs 446 or even Rs 382. Momentum oscillators in the daily chart imply that the current down trend can continue.

Conversely an upward reversal from Rs 492 will take the stock higher to Rs 570 or Rs 610.

Key medium-term resistance continues at Rs 570.

A strong close above this level can take the stock to Rs 755.

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