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Gladiator Stocks - Maruti Suzuki India - ICICI Direct

Posted On: 2020-11-19 22:28:16 (Time Zone: Arizona, USA)


Strategy

Buy Maruti Suzuki India in the range of Rs. 6950.00-7100.00 for target price of Rs. 7810.00 with a stop loss of Rs. 6650.00. Time Frame: Six months

Technical View

The share price has formed a higher base (Rs. 7350-6270) after witnessing the strongest rally (82% off March low Rs. 4001) since December 2017. Currently, the stock is on the verge of resolving out of ongoing consolidation, which would open the doors for the next leg of up move. Hence, this offers a fresh entry opportunity

Key point to highlight is that the stock has been sustaining above its 10 weeks EMA since May 2020. Currently, it has formed a higher base above it, indicating inherent strength

Structurally, the stock witnessed a slower pace of retracement as over the past 10 weeks it has merely retraced 61.8% of the preceding eight week's rally (Rs. 5750-7350), at Rs. 6361, indicating healthy consolidation that has set the stage for acceleration of upward momentum

Aforementioned technical evidence suggests the ongoing base formation has paved the way for the stock to head towards Rs. 7810 in coming months as it is 138.2% external retracement of last leg of decline (Rs. 7350-6270),at Rs. 7762

Fundamental View

Maruti Suzuki (MSIL) is the market leader in the Indian PV space, commanding ~51% market share (domestic sales basis) as of FY20. Further, it is the market leader in all individual PV sub-segments i.e. passenger cars (PC), utility vehicles (UV) and vans. The company has a host of popular models in its portfolio such as Alto, Swift, Wagon R, Ciaz, Dzire and Baleno in PC; Ertiga, Brezza and S-Cross in UV and Eeco in vans

Contrary to our earlier expectations, the PV space has rebounded faster than 2-W segment after the nationwide unlock programme. The segment, as a whole, grew 10% YoY at the retail level in September following months of consecutive rapid MoM improvement. We believe that while some of the earlier volume offtake would have been on account of pent up demand post lifting of lockdown restrictions, there is also an element of increased preference for personal mobility in the wake of the pandemic (concerns around public transport). Alongside these factors, efforts by OEMs centred around digital marketing and increased financing options (tie ups with banks, NBFCs for multiple offerings on beneficial terms) have helped the segment post a quicker than expected turnaround

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_GladiatorStocks_Maruti_Nov20.pdf

Shares of MARUTI SUZUKI INDIA LTD. was last trading in BSE at Rs.6961.35 as compared to the previous close of Rs. 7055.3. The total number of shares traded during the day was 63835 in over 12485 trades.

The stock hit an intraday high of Rs. 7126.9 and intraday low of 6920. The net turnover during the day was Rs. 451139518.


Source: Equity Bulls

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