Trade Idea of The Day - Britannia Industries Ltd Target Rs.180 - Religare Broking Ltd
Britannia Industries Ltd
BUY 28 APR 5800 CALL Britannia Industries Ltd Entry Range 95-100 Target Range 180 Stop Loss 57
Rationale
* On the daily chart BRITANNIA has formed a sharp V-shaped recovery from lower levels, indicating strong buying interest and demand absorption. The recent price action shows a decisive breakout above the immediate resistance zone, signalling a shift in short-term sentiment toward bullish territory.
* It has successfully reclaimed its key moving averages of 20-DEMA & 50-DEMA, which may now act as dynamic support levels. This reinforces the positive structure and suggests strength in the ongoing uptrend.
* Momentum indicators are improving, with RSI trending upward and MACD witnessing a bullish crossover, indicating strengthening momentum for the near term, so that one can initiate buying in the ATM call of 5800 strike with the buy on dip approach.
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