Maruti Suzuki may touch Rs 1989-1990: Pritesh Mehta

According to Pritesh Mehta of IIFL, Maruti Suzuki may touch Rs 1989-1990.

Pritesh Mehta of IIFL told CNBC-TV18, "If you talk about Maruti Suzuki  from a slightly longer term perspective, this recent correction for last four days should not concern us because after the sharp decline in late March the stock has gradually moved higher."

"Moving along with the support of its raising trend line, this stock is going to sustain around current levels, there could be bit of selling pressure in the near term, it can go back to Rs 1860-1850 but we should not be worried about it. In fact there is strong support at those levels and the stock can again bounce back, it can go back to levels of Rs 1989-1990," he added.

At 12:02 hrs Maruti Suzuki India was quoting at Rs 1,886.95, down Rs 31.05, or 1.62 percent. It has touched an intraday high of Rs 1,907.60 and an intraday low of Rs 1,883.75.

The share touched its 52-week high Rs 2,007.60 and 52-week low Rs 1,217 on 22 April, 2014 and 28 August, 2013, respectively. Currently, it is trading 6.01 percent below its 52-week high and 55.05 percent above its 52-week low. Market capitalisation stands at Rs 57,001 crore.

Disclosure: Analyst might have recommended the stock to his clients but has no personal holdings.

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