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The real estate company bounced back after hitting a low of Rs 42.25 in April 2021, which corresponds to the March 2020 low of Rs 38. It again took support near the 200-DMA in December 2021, where it staged a smart bounce.
Experts suggest that investors looking to infuse fresh money into the stock, aiming above Rs 275-310 now or consider a fall of Rs 165-150.
On the weekly charts, the stock gave a breakout of several years from a rectangular pattern formation. It is trading close to the levels seen in May-August 2018.
Marathon NextGen recorded a golden cross formation in April 2022, followed by momentum that pushed the stock to a 52-week high in June 2022.
It hit a new 52-week high of Rs 202.75 on BSE on 16 June 2022. The stock also crossed the crucial resistance of Rs 179 on the weekly chart last week, which bodes well for the bulls.
On the price front, the stock is trading above the all important short and long term moving averages of 5,10,20,50,100 and 200-DMA.
MACD is above its center and signal line; This is a bullish indicator. The Relative Strength Index or RSI reading stood at 70.8 as of 17 June 2022. RSI above 70 is considered overbought. This means that the stock may see a decline.
“On the mid-term chart, Marathon has been bullish with higher highs and higher lows forming since April 2021. The stock has given a multiple-year breakout and is currently trading at the highest level since August 2018, Vidya Sawant, AVP – Technical Research, GEPL Capital, said.
“We saw accumulation in the stock at lower levels by forming a rectangle pattern post that it started moving up with great momentum. Now it has crossed its big hurdle of Rs 179 with strong volumes,” he said.
The RSI indicator is trading above the 60-70 mark on all time frames which is indicating a strong bullish trend. The MACD has shown a positive crossover above the zero line, suggesting a positive trend trend.
Sawant said, “Going forward, we expect the stock to continue its outperformance and move towards the Rs 275 and Rs 310 levels. Lower levels of Rs 165-150 act as strong support for the stock. will do.”
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of The Economic Times)
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