Maruti Suzuki shares up 23% in 2024 so far; key support, resistance levels to watch

Maruti Suzuki India Ltd shares have seen a decent run on a year-to-date (YTD) basis. The stock was last seen trading 0.05 per cent lower at Rs 12,606.95 on Monday. At this price, it has gained 22.61 per cent in the calendar year 2024 and 8.61 per cent in past one month. Despite the said rise, the scrip has slipped 0.93 per cent from its record high value of Rs 12,724.95, a level seen last month on March 27.

Maruti said it has sold 1,87,196 units in March this year. "Total sales in the month include domestic sales of 1,56,330 units, sales to other OEM of 4,974 units and exports of 25,892 units. For the financial year 2023-24, the company posted its highest ever total sales of 21,35,323 units. Total sales include highest ever domestic sales of 17,93,644 units and highest ever exports of 2,83,067 units," it stated.

Technical analysts largely suggested that the counter looked positive. Although, a few mentioned that it may see some correction after the recent rally.

"From the auto space, Maruti will be our top bet. It has seen a faboulus rally in the recent past. Going by charts, there's still room for more upside. Expected targets would be Rs 13,300-13,500," Akshay Bhagwat, Senior Vice-President, Derivatives Research at JM Financial Services, told Business Today TV.

"Adani Ports has been in a secular uptrend, hovering at its lifetime high zone. The counter seems poised to continue its upward rally. However, one should not be complacent as minor corrections or profit bookings can be seen in the coming period. It has entered uncharted territory with immediate support around Rs 12,200-12,000, followed by sacrosanct support at Rs 11,800-11,700. Any dip toward the mentioned support level should be seen as an opportunity to enter from a medium-term timeframe," said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.

"Maruti Suzuki looks bullish but very overbought on daily charts with strong resistance at Rs 12,727. Investors should book profits at current levels as a daily close below support of Rs 12,385 could lead to a downward target of Rs 11,600 in the near term," said AR Ramachandran from Tips2trades.

"Traders should wait for some correction. Buying on dip should be considered around the Rs 12,000 zone for an upside target of Rs 14,000 in the near term. Keep stop loss placed at Rs 11,650," said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.

As of December 2023, promoters held a 58.19 per cent stake in the carmaker.