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Published on 12/10/2018 4:38:54 PM | Source: Choice Broking Pvt Ltd

Buy Britannia Industries Ltd For Target Rs.5975.00 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #Food Production #Britannia Industries Ltd. #Trading Report #Choice Broking

*  On a daily chart, the stock has taken a support of its 200 Day Moving Average which is placed at 5551 level which shows a bounce back movement in the counter.

*  Even on a weekly chart, after giving a brief correction from its all-time high, the stock has halted its downside movement at 5368 level which is a 61.80% Fibonacci retracement level of its previous up move which indicates a time being a reversal in the counter.

*  Moreover, the stock has taken a support of its 50 Weeks Moving Average which suggests a positive trend in medium to long-term and based on which the stock may spurt in coming trading sessions.

*  A daily momentum indicator RSI reading is at 45.96 level with a positive crossover and has given a breakout of its squeeze move which points out for a positive breath in the stock.

*  Based on the above technical structure, we are expecting a good upside movement in the counter in few trading sessions.

 

Recommendation

Buy Britannia Industries Ltd OCT Fut @ 5730.00- 5740.10 Stoploss 5625 Target 5975

 

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