Shares of Marico Ltd saw nearly 1.33% increase in value during yesterday’s trading session in NSE. The stock closed for the day at 312.15 per share post hitting intra-day high at 313.85. The stock traded bullish for the last three consecutive trading sessions post update from company regarding Analyst/Investor Meet. Bill William’s Alligator indicator which is used to identify formation of new trend and Parabolic SAR indicator which is used to identify good entry and exit points of ongoing trend have both formed indications of bullish growth in stock in intra-day and daily charts suggesting continued bullish growth in trading sessions to come.
RSI indicator which is used to identify the momentum of existing trend regardless of direction in which the trend moves is currently seeing a stable movement of signal line in range of 51 to 61 with no immediate signs of upward or downward change indicating possibility of range bound performance of stock when trading session opens for the week coming monday. We can expect continued bullish growth in long term while seeing range bound performance in average price range for last 10 trading sessions. Expected support and resistance values for the stock are at 302.95 & 318.94 respectively.
Image : 30 min intra-day data from MCharts MT4 PlatformView Full Artcile With Comments