Marico has improved its capability and foundation in the business and now looking at inorganic opportunities. The firm is expected to explore avenues in this regard over the next 18 months.
It has been trading in a broader range of 190-235 levels for last eight months and formed a continuation pattern (cup and handle) on the weekly chart. All indications are in the favor of resumption of its long term uptrend soon. Traders should exploit the recent pause to create fresh longs in the given range of 228-CMP (233.05) with close below stop loss of 216 for the target of 265.