Maruti Suzuki is approaching a very important support zone around 12000 after a sharp correction from its recent highs near 17000. The stock has been moving inside a massive ascending channel for several years and has repeatedly attracted strong buying whenever it approached the lower trendline. This time price has slipped below the channel support and is testing its previous horizontal support. Interestingly the weekly RSI is showing a potential bullish divergence as momentum weakens less than the recent price action suggests. This could be an early indication that selling pressure is gradually getting exhausted.
The 12000 zone is extremely important for the next move. If buyers defend this support and price reclaims the broken ascending trendline around 13000–13500, the stock could attempt a recovery towards 14000 followed by 15500–16000. The bullish divergence will become more meaningful once price starts forming higher highs and higher lows. A strong reversal from this zone could trap late sellers who entered after the recent breakdown. The real confirmation will come when buyers reclaim the channel and turn the recent breakdown into a bear trap.
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