Marico Limited (MARICO) Stock - Complete Technical Analysis - Sep 04, 2024

Marico Limited Stock Analysis Key Support

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Marico Limited (MARICO) is currently trading at 646, showing mixed technical signals. The RSI indicates the stock is not in the overbought zone but is leaning towards the lower range, suggesting potential for a reversal. However, the Stochastic Oscillator and Stochastic RSI are both in oversold territory, hinting at a possible bullish reversal soon. The MACD remains bearish, with the signal line above the MACD line, which could indicate continued downward pressure if no strong buying interest emerges. Additionally, the ADX is at a low level, indicating a weak trend, which means the market may see range-bound movement in the short term.

Support is expected around the 618 level, while resistance could be faced at 684. The price is trading below both the short-term and long-term moving averages, such as the EMA 10, EMA 20, and SMA 50, which adds to the bearish outlook. However, the longer-term EMAs, particularly the 200-day EMA, still indicate an overall uptrend. The recent formation of a Bullish Engulfing pattern suggests a potential upward movement, though confirmation from subsequent trading sessions is needed. Traders should watch for a break above the resistance levels for bullish confirmation, while a drop below the support could signal further downside.

In summary, while there are signs of potential recovery, caution is advised due to the current bearish technical indicators.