Maruti Suzuki India Ltd edged 1.3 per cent higher on Wednesday after slipping as much as 1.94 per cent a day earlier, after the Reserve Bank of India (RBI) notified that the foreign share holding in the company under Portfolio Investment Scheme reached the trigger limit of 22 per cent.
Maruti Suzuki stock plunged over 10 per cent in 2014 as investors remain concerned over the impact of the company's plan to buy cars from a plant to be built by its parent Suzuki Motor in Gujarat. The BSE Auto index edged 1.4 per cent in the same period.
Ravi Nathani of nsetoday.com says Maruti stock should be bought on dips. He also suggested the strategy to trade Bank Nifty in the short-term and picks stocks for best possible gains in the near-term
Both the benchmarks opened with a gap-up opening today after geo-political risks receded. What is the way to go from here in technical terms?
I would suggest traders to book profit in near term whereas resistance on charts for Nifty is around 6350 and support is at 6260, Overall trend is up however investors could hold on to their positions for long term.
What is the strategy that you suggest to trade Bank Nifty today?
Bank Nifty is expected to witness profit booking on rise as it is very close to its resistance level 11090. Best trading strategy for traders would be sell on rise just for a small technical correction whereas next support on charts is expected around 10770.
What is your take on Maruti Suzuki? Is the downtrend here to stay
