Marico ready to grab pending orders
my view expecting breakout as per trend strength
all levels shared for educational purpose only.we are not sebi registered
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'...
Marico has shown a breakout of the range after quite some time, if this momemtum continous then we could see Marico reaching 550 levels again.
I would go long if it crosses 535 levels, with a stop of 3-4 and target around 550.
Volume contraction pattern clearly visible ,on Maricos long consolidation,Main resistance is at 540 Level, But eventually will break that with FMCG sectors moving up.
This is purely based on my limited knowledge and experience,its purely for study purpose.
Kindly follow your financial Advisor before you take any position on this.as i am not authorized or neither a...
Marico formed triangle pattern on smaller time frame & broke out of it & trading comfortably above breakout level with decent volumes.
Could be bought with mentioned stoploss & targets.
marico is 3rd time attempting to cross over above all EMAs. and also ichimoku cloud . RSI is also above 60 All the factors are supporting a good move in Marico. Always keep strict stop loss
Nifty good support 15600-15800
bounce back from those level then only Large / index stock will recover in short term period
can entry @ 482 level as trend line support
