Marico’s lower wick puts ₹766 support in focus

Marico Limited’s latest four-hour candle shows buyers responding near ₹766.25 after a sharp decline. The small body and long lower shadow, with the candle closing at ₹775 near its high, suggest rejection of lower prices. The next few candles will determine whether that response develops into a base. The company’s consumer business presents a mixed picture. In Q1 FY27, Parachute Rigids delivered 10% volume growth, while Saffola Edible Oils recorded 7% revenue growth despite a high-single-digit volume decline. Revenue growth therefore needs to be read alongside volumes and profitability to understand the strength of demand. The chart requires similar care. The hammer-like candle offers an early sign of buying interest, but the four-hour Ichimoku structure remains weak. Price is below the cloud, while the conversion line at ₹791.90 remains beneath the base line at ₹799.73. Both have moved lower through the correction, indicating that the balance still favours sellers. A recovery through ₹792–₹800 would be the first evidence that buyers are gaining ground. Sustained trading above that band would also help the lower-wick candle develop into a more credible reversal attempt. Until then, ₹766.25 is the immediate reference. A break beneath it would weaken the rejection signal and bring ₹760, followed by ₹745–₹750, into consideration. The important development to watch is whether Marico starts forming higher lows instead of surrendering each rebound.