Marico has been trending quite strongly since Dec - 2016, however as the markets rejoiced the benefits of GST, the scrip has also been cautious of the initial hickupps facing the implementation of GST, the Dealer/Distribution caos & other minor issues.
Marico being a player from the FMCG pack is also expected to do its own errands..
Since the Nifty itself is willing to rest & correct for a while, these FMCG GST sensitives are expected to do the same.
A retracement of 38% to 50% will be a healthier boost for all these stocks.
So one can expect Marico to move towards 306 / 283 before resuming its uptrend.
As we can see the market has been telling us to move one step back & two steps forward....
Keep a stop loss of 314 & look for targets of 306 / 283 before July end.
Happy Trading.
Marico being a player from the FMCG pack is also expected to do its own errands..
Since the Nifty itself is willing to rest & correct for a while, these FMCG GST sensitives are expected to do the same.
A retracement of 38% to 50% will be a healthier boost for all these stocks.
So one can expect Marico to move towards 306 / 283 before resuming its uptrend.
As we can see the market has been telling us to move one step back & two steps forward....
Keep a stop loss of 314 & look for targets of 306 / 283 before July end.
Happy Trading.