9 April 2024 – Maruti Suzuki India Ltd witnessed a significant surge in its shares during Tuesday’s trading session, reaching an all-time high of Rs 12,954.75. The stock’s robust performance, up by 25.55% year-to-date (YTD), can be attributed to the carmaker’s announcement regarding capacity expansion at its Manesar facility.
Maruti Suzuki announced the commissioning of a new vehicle assembly line at its Manesar plant, bolstering its manufacturing capabilities by an additional 1,00,000 units per annum. This expansion contributes to the total manufacturing capacity at Manesar, now standing at 9,00,000 vehicles annually.
Analysts indicate strong bullish sentiment surrounding Maruti Suzuki shares, with technical setups suggesting immediate support at Rs 12,750. Avani Bhatt, Senior Vice-President at JM Financial, sets the target for Maruti shares at Rs 13,000, recommending entry around Rs 12,575-Rs 12,600 levels.
Osho Krishan, Senior Research Analyst at Angel One, highlights Maruti’s secular uptrend, citing support levels at Rs 12,400-12,200 and Rs 11,800. Meanwhile, Ravi Singh, Senior Vice-President at Religare Broking, predicts an upside target of Rs 13,500 with a stop loss at Rs 12,750.
However, AR Ramachandran from Tips2trades advises caution, noting Maruti Suzuki’s overbought status on daily charts. While bullish, investors are urged to book profits as a close below support at Rs 12,660 could trigger a downward target of Rs 11,655 in the near term.
