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