Maruti Suzuki India Limited (MARUTI) Stock - Complete Technical Analysis - Sep 16, 2024

Maruti Suzuki Stock Analysis Key Support & Resistance Levels September 2024

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Maruti Suzuki India Limited (MARUTI) is currently trading at 12,289, which is about 10.17% below its 52-week high and 26.20% above its 52-week low. The stock has been showing signs of consolidation recently, evident from the inside candle pattern observed on September 12th, which indicates a potential range-bound movement.

The technical indicators reveal a mixed sentiment. The Average Directional Index (ADX) is low, suggesting a weak trend, while the Relative Strength Index (RSI) indicates that the stock is neither overbought nor oversold, pointing to a neutral stance. The MACD is currently negative, which might suggest bearish momentum, but the Bull Bear Power remains positive, indicating underlying strength.

The Stochastic RSI shows a high reading, suggesting that the stock could be entering an overbought condition. However, the Commodity Channel Index (CCI) and Awesome Oscillator are both negative, which might point to a potential downturn or sideways movement in the short term.

The stock is trading slightly below its key moving averages, including the 10-day and 20-day EMAs, suggesting immediate resistance around these levels. The support is expected near the 50-day SMA and the recent low of the inside candle pattern. If the stock breaks below these support levels, it could face further downside. Conversely, a rally above the immediate resistance levels might set the stage for a test of higher resistance zones.

In summary, Maruti Suzuki is showing signs of consolidation with mixed technical signals. Traders should monitor key support levels closely, as a break below them might indicate further weakness. Conversely, clearing resistance could signal a potential rebound or trend reversal.