Maruti Suzuki may move to ₹ 5600 in Short-Term

Maruti Suzuki share prices saw significant price correction from ₹ 6000 odd level to sub 5000 levels in the previous weeks.Now,after forming a small base around those levels,the share price is seeing some bounce back as far as trading is concerned.

In the last trading day,the share price saw a breakout of a Flag Pattern which is a bullish signal for the stock prices in the coming days.The share price may see levels of ₹ 5600 above current market prices of ₹ 5200 in very short span of time.

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Short term traders may consider taking long positions in the stock near ₹ 5200-5250 for higher target of ₹ 5600 in next few trading days.One may keep stop loss for the trade near 5170.I have bought Call Option 5200 strike at price of ₹ 34 and looking for targets of around ₹ 170,keeping stop loss near ₹ 23.

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