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Shares of Maruti Suzuki India Ltd gained as much as 1.12 per cent to Rs 9,324.4, their highest since April 11.
The stock broke above a resistance at Rs 9,249, the 14.6 per cent Fibonacci projection level of the uptrend from February 29, 2016, low to December 20, 2017 high. As long as support at Rs 9,249 holds, stock may test resistance at Rs 9,861, the 23.6 per cent projection level.
Trend intensity indicator has risen to 15, indicating the start of a new uptrend, MACD is also positive and above its signal line. The stock’s wave pattern suggests it is in the final wave of a five-wave cycle. The stock was up 5.4 per cent in the last one month as of previous close. It has outperformed broader NSE Index’s 1.33 per cent gain.
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