In the previous session, the Nifty index saw a mild positive opening in the morning. The index gradually moved higher and maintained its bullish move till afternoon. Later we have seen some sell off from higher levels. The index formed a Bearish candle on the chart and closed with a mild loss of 51.45 points. The overall market looks to be volatile hence a cautious approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Tuesday, May 24, 2022’ before the market opens.

Maruti Suzuki India Ltd.

NSE :MARUTI   BSE :532500  Sector : Automobile

On the daily chart, we can see that Maruti Ltd. stock prices have formed a ‘Mega Phone Pattern’ and are currently placed near the middle of the pattern. The formation consists of minimum two higher highs and two lower lows. We can see sharp V shape recovery in the stock from the lower points. Maruti stock prices are now quoting above the neckline of the Ichimoku cloud which is an indication of a positive trend.  As per candle technique, A bullish candle appeared on the daily chart. All these technical parameters indicate that price can move upside towards Megaphone pattern resistance level.

In a Nutshell, the trend for MARUTI looks to be positive now. A pull back can be expected near 7770 levels. Use dips as a buying opportunity for a move towards 8070/8275 levels as long as we do not see any closing below 7640 levels.

Check More Analysis on MARUTI at: Maruti Suzuki India Ltd.