The real estate company recovered after reaching a bottom of Rs 42.25 in April 2021, which also corresponds to the March 2020 bottom of Rs 38. It again received support close to 200-DMA in December 2021. where he organizes intelligent recovery.
Experts suggest that investors who want to invest fresh money in stocks may consider now or in declines to 165-150 rupees for an upward target of 275-310 rupees.
The stock gave a multi-year break from the formation of a rectangle of weekly charts. It trades close to the levels last observed in May-August 2018.
Marathon Nextgen recorded the Golden Cross formation in April 2022, after which momentum gained momentum, which pushed the shares to a new 52-week peak in June 2022.
It reached a new 52-week high of 202.75 rupees on the BSE on June 16, 2022. The shares also surpassed the decisive resistance of 179 rupees last week on weekly charts, which portends well for the bulls.
In terms of prices, stocks are trading well above all important short-term and long-term moving averages of 5,10,20,50,100 and 200-DMA.
MACD is above the center and signal line; this is a bullish indicator. The relative strength index or RSI reading was 70.8 as of June 17, 2022. RSI above 70 is considered overbought. This means that stocks may show withdrawal.
“On the medium-term charts, Marathon is moving sharply upwards with higher peaks and peaks forming low levels since April 2021. The shares have received a multi-year break and are currently trading at the highest level since August 2018,” Vidnyan Savant, AVP “Technical research, GEPL Capital,” he said.
“We have witnessed accumulation in stocks at lower levels through the formation of a rectangular pattern, which began to move with great momentum. He has now broken his main hurdle of Rs 179 with a strong volume, he said.
The RSI indicator in all time frames is maintained above the 60-70 limit, which shows a strong upward momentum. MACD showed a positive crossover above the zero line, which suggests a trend towards a positive trend.
“We look forward, we expect the shares to continue to perform higher and move higher to the mark of 275 rupees, followed by 310 rupees. Down the 165-150 rupee zone will act as a strong support for the shares, “Sawant recommends.
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. They do not represent the views of the Economic Times)