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Maruti Suzuki India Ltd gained as much as 4.15 per cent and was quoted at Rs 7,158 today. The stock breached above the key resistance level at Rs 7,138.15. This level is identified as the 14.6 per cent Fibonacci retracement of the downtrend from July 24 high to Oct. 9 low. The stock touched an intraday high of Rs 7,199 on the NSE.
This indicates that the stock may test the next resistance at Rs 7,432.25, the 23.6 per cent retracement level.
The stock's wave pattern suggests it has completed a three-wave correction and is in the initial wave of an uptrend, unless the correction turns out to be a more complex combination of corrective patterns
RSI has cut above the 30 level from the oversold zone, which is seen as a positive for the stock.
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