Accumulate Marico between Rs 345-350, says Shitij Gandhi

Shitij Gandhi

Marico has been consolidating in the range of Rs 320-350 from the last four weeks with multiple supports placed on the downside.

Last week we have seen fresh breakout in prices above the key resistance level of Rs 350 along with hefty volumes. Moreover, positive divergences on

secondary indicators like RSI and stochastic on broader charts also supporting the next up move in prices.

Traders can accumulate the stock in a range of Rs 345-350 for the upside target of Rs 382 and a stop loss below Rs 323.

Disclaimer: The author is a Senior Research Analyst, SMC Global Securities Ltd. The views and investment tips expressed by investment experts onmoneycontrol.com are his own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.