* Marico moved upwards after taking support of prior reversal point and later the stock rose to 2 week high..
* Due to recent reversal in the prices, the key technical indicator-RSI and MACD witnessed identical turnaround from their lower levels.
* As per the current daily set-up, we believe that stock will continue its gradual rise for the short-term, where it will face hurdle around prior resistance zone.
* On the lower side, the stock will find strong support around the psychological level-Rs300.
* Fresh long position can be initiated only in the range of Rs315-310 for the target of Rs338 and with a stop loss of Rs300.
MARICO (LTP: 317) BUY
For today’s trade, long position can be initiated at 315-310 for target of Rs 338 with a strict stop loss of Rs 300.
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