Buy Marico, target Rs 445: Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, "Marico is a typical uptrending counter which has its fair share of upside and which is followed by retracement. In the month of May, the stock hit a strong rally from Rs 360-460 and thereafter retraced 50 percent of this entire upmove. After retracement, it found support as a rising trendline which tells us that the selling pressure is over and it is going to resume a new uptrend altogether. So, buy Marico for a target of Rs 445."At 14:55 hrs Marico was quoting at Rs 424.75, up Rs 6.30, or 1.51 percent. It has touched an intraday high of Rs 427.30 and an intraday low of Rs 417.55.Disclosure: Analyst may have recommended the stock to his clients but has no personal holdings.