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Last Updated : Nov 05, 2018 10:04 AM IST | Source: Moneycontrol.com

Buy Marico, target Rs 352: Dinesh Rohira

We have a buy recommendation for Marico which is currently trading at Rs 338.05, says Dinesh Rohira of 5nance.com.

Moneycontrol Contributor @moneycontrolcom
 
 
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Dinesh Rohira

Marico after remaining in a consolidation phase for the last six months to decline from highs of Rs 381 towards a strong support zone of Rs 303-294 levels the stock witnessed a strong reversal trend favoring upward rally for a consecutive session.

Marico managed to break out from its long-term moving average of 200-day EMA level placed at 330 levels during the last week and saw a substantial volume growth which favored the rally.

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The momentum indicator outlined a positive trend at current levels with weekly RSI at 62 levels, while MACD is likely to witness a bullish crossover in the coming session to trade above its signal line. We have a buy recommendation for Marico which is currently trading at Rs 338.05.

Disclaimer: The author is Founder & CEO, 5nance.com. The views and investment tips expressed by investment expert on moneycontrol.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.

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First Published on Nov 5, 2018 10:04 am
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