Sell Maruti Suzuki for a price target of Rs 1130 says India Infoline

India Infoline Limited (IIFL) in its 21st May, 2010 research report has a bearish view on the stock Maruti Suzuki and has recommended a sell rating on the stock with a price target of Rs 1130.

IIFL further stated in the research report” Maruti Suzuki has corrected significantly from its highs of Rs1752 witnessed during the month of October.

Since then, the stock has been in a downtrend but managed to bounce back from Rs 1225 levels on multiple occasions. On Thursday, the stock closed below this level for the first time in the last 6 months.

We recommend traders and investor to Sell this stock at Rs 1208-1,190 with a Stop loss of Rs 1228 for target of Rs 1140 and Rs 1130.”