In the FMCG space, Marico reverted sharply in the current leg of the Nifty compared to other stocks. In the past few months, open interest in the stock has been declining. However, as the new series started, marginal pick-up in OI was seen. Delivery based volume was seen in the stock near | 350, | 360 levels indicating major support. Due to lower IV, option premiums are cheaper, which has attracted OTM Call buying. We feel the stock is well placed to move around | 400 in coming days.
Long Marico (MARIND) October future in the range of Rs. 364-367. Target: Rs. 390; Stop Loss: Rs. 349
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