From past few months there is tragic and sharp fall in the stocks, but few stocks are able to sustain this market and one of them is Marico.
If we observe the chart pattern the stock has been in range so far.
The short term duration, in daily as well as 2 hrs chart has range bound making 'Rectangle pattern', but on this account forming 'Rounding Bottom pattern' with 'Hammer candlestick' on the downside which is bullish pattern in technical terminology.
As per fibo levels 503-512 are support to short term resistance zone.
RSI indicating good upward movement above 50 at the moment and volume has been good as well.
For buying the stock range must be near 502 for 512, 520 on short term basis and for long term once it crosses 536-540 we may see a good upside till 600 levels in coming months. 497 and 475 is a good support respectively for now if it breach those levels we may see further downside so can take it as stop loss.
Disclaimer : these are my personal views please contact your advisor before taking position in the stock.
If we observe the chart pattern the stock has been in range so far.
The short term duration, in daily as well as 2 hrs chart has range bound making 'Rectangle pattern', but on this account forming 'Rounding Bottom pattern' with 'Hammer candlestick' on the downside which is bullish pattern in technical terminology.
As per fibo levels 503-512 are support to short term resistance zone.
RSI indicating good upward movement above 50 at the moment and volume has been good as well.
For buying the stock range must be near 502 for 512, 520 on short term basis and for long term once it crosses 536-540 we may see a good upside till 600 levels in coming months. 497 and 475 is a good support respectively for now if it breach those levels we may see further downside so can take it as stop loss.
Disclaimer : these are my personal views please contact your advisor before taking position in the stock.
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marico made high of 554, medium term targets achieved. keep the stock in portfolio has potential to cross 600 from here on as well as defensive stocks are in focus in this falling market. #marico