Marico posted healthy performance in H1 FY16. On consolidated basis, its net profit grew by 28% to Rs 388.55 crore and net sales grew by 7.1% to Rs 3265 crore.
Due to normal profit taking, it retraced to its major support area of long term average of 200 EMA on the daily chart, which is currently around 389 and formed a base after consolidating around that zone for nearly three months. And now, it’s in a position to resume uptrend again. Participants can gradually accumulate it in the given range of 396-403 with closing below stop loss of 380 for the target of 455.