Marico - CMP - ₹357.10 Dt.–25-07-2020
I have taken the 4-hour chart and in the chart, you can see the stock is in an uptrend and was taking the support of red trend lines and now the stock is moving up and down between support and resistance line placed at ₹342.80 and ₹358.85 respectively.
The price is also moving upward, trapped between the purple trend line. If earning beats estimates, the stock will move upward, beating resistance placed at ₹358.85 and then it will try to break the purple line. If fresh buying come after the stock breaks the upper purple line, then the price can go up to ₹374.25.
If the price falls because of bad earning report or for some other reason, the stock will break below the purple trend line and then the support level which is placed at ₹342.80.
Price is closed above 50DEMA in 4-hour chart as well as on the Daily chart.
I have taken the 4-hour chart and in the chart, you can see the stock is in an uptrend and was taking the support of red trend lines and now the stock is moving up and down between support and resistance line placed at ₹342.80 and ₹358.85 respectively.
The price is also moving upward, trapped between the purple trend line. If earning beats estimates, the stock will move upward, beating resistance placed at ₹358.85 and then it will try to break the purple line. If fresh buying come after the stock breaks the upper purple line, then the price can go up to ₹374.25.
If the price falls because of bad earning report or for some other reason, the stock will break below the purple trend line and then the support level which is placed at ₹342.80.
Price is closed above 50DEMA in 4-hour chart as well as on the Daily chart.