Marico Ltd

NSE :MARICO   BSE :531642  Sector : FMCG

About Company: Marico Limited is one of India’s leading consumer goods companies operating in global beauty and wellness categories. It is present in over 25 countries across emerging markets of Asia and Africa. It nurtures leading brands across categories of hair care, skin care, edible oils, healthy foods, male grooming and fabric care.

News in Stock: Marico share price touched a 52-week high of Rs.532.60, adding nearly 5 percent intraday on June 29 after foreign broking house Credit Suisse raised the target price on the stock to Rs.600 from Rs.490 per share earlier. According to Credit Suisse, the company needs a faster ramp-up in honey & soya chunks to achieve the revenue target

Daily Chart of Marico:

Technical Outlook of Marico:

Stock hits all time high today on account of price target raised by Credit swiss. Technically stock is trading in “Upwards Sloping Channel Pattern”. As marked on the daily chart above we can see stock touched the Channel Resistance at 538. Channel support for the stock is seen at 513, In the next couple of trading sessions stock can see more upside. Outperformance in the stock has been seen in the last few trading sessions compared with Nifty. Stock is trading above short term (10,20,50) and long term (100 & 200) exponential moving averages which suggest high momentum in the stock. We recommend intraday traders and swing traders to initiate fresh longs if stock sustains above 538, targets on the upside will be 548- 555. Stop loss should be placed below 532.