Stock name: Marico

Pattern: Near range resistance

Time frame: Weekly

Observation:

The stock has been trading in a sideways range for the last 18 months and is currently very close to the resistance levels of the range. The stock has made a shooting star candle today, which indicates selling pressure coming from resistance levels.

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Disclaimer: This analysis is purely for educational purposes and does not contain any recommendations. Please consult your financial advisor before making any financial decision.

News for the day:

1) Q4 result update: Marico Limited
Revenue 3.65% up YoY
Net profit 24.5% up YoY
OPM at 18%, 2% up YoY

2) Finance Minister Nirmala Sitharaman will review the state of the economy amid global and domestic challenges at a meeting of the Financial Stability and Development Council (FSDC) today.

3) China is expected to roll out new policies to protect supply chains and boost its birth rate, after President Xi Jinping led a high-profile meeting that established these areas as top economic priorities.

4) Aarti Industries, Andhra Paper, Apollo Pipes, Avadh Sugar, Balkrishna, Birlasoft, Canara Bank, Craftsman, Exide Industries, Happiest Minds, MNGL, Pidilite, UPL and VIP Industries are amongst the companies which will post their quarterly results tomorrow.