Buy Marico Ltd. Target Rs. 610 - Religare Broking
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* Marico is among the top performing names from the FMCG pack as it has been maintaining a steady long-term uptrend since 2004.
* It tends to witness time-wise correction after a strong up move, barring a couple of occasions wherein the stock price also deteriorated during the countertrend moves.
* In line with past instances, it has been trading in corrective bias for the last one year, after the phenomenal surge from the April 2020 low i.e. 229 to a new record high of 607.7 in October 2021. And, it has formed a strong base above 480 in the last nine months and seeing fresh traction this week. In short, it looks set to reclaim the record high in the coming months. We thus recommend accumulating in the given range.
Buy Marico Ltd CMP: 542, STOP LOSS 505, TARGET 610
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