Comments
We recommend a buy in the stock of Marico Industries from a short-term perspective. The stock has recorded an important trough at Rs 190 in the last week of June and a nascent uptrend is unfolding since then. The stock also has important medium-term support at Rs 200.
The stock recorded a strong up-move on Monday that helped it break past the narrow short-term range within which it has been moving over the last two weeks. Relative strength index in the daily chart has just moved above the zero line and is currently poised at 56 implying that the short-term trend can continue to take the stock higher. Moving average convergence divergence indicator is also signalling a buy.
Investors can buy the stock for short-term gains with stop-loss at Rs 213. Short-term targets are Rs 221 and then Rs 228.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.