Maruti Dzire records historic sales, stock bounces back intraday

Maruti Suzuki reported sales number of its new Dzire brand which was launched last year in May. The brand posted the fastest sales in the history of the Indian automobiles at 3 lakhs in the last 17 months since its launch.

More than 25 per cent and 20 per cent customers opted for top-variants and automatic drive, respectively, in the said brand. Thereby on an average 18,000 units were sold per month, registering 28 per cent growth than the prior generation Dzire.

The company observed that nearly 75 per cent of its customers had pre-decided their purchase of Dzire before visiting the showrooms. The reason being its smooth sedan styling, plush and roomy interiors, superior comfort and advanced safety features.

Otherwise, the company saw a marginal decline of about 0.5 per cent Y-O-Y in its overall sales for September 2018 month to 1,62,290 units.

The stock of Maruti Suzuki had witnessed a positive opening followed by a retreat in the first half an hour of the session. The price fell just below its previous close at 6,779.60 levels but bounced back to hit a high of 6,997.60 which was 1.5 per cent higher than its previous close. The stock is trading marginally up.

In case, it takes support at current low, the stock may witness Double Bottom pattern and may see a bullish reversal if the stock closes in green in the next trading session, provided the same is supported by rising volumes and feasible oscillators.