So the negativity after a disappointing Quarterly Results show seems to have been factored in the price, bears have brought the stock back to 2018 lows around 2600! First signs of bulls visible today, but is it just some short covering? Let's find out! Trade looks rewarding compared to the risk involved, I see a BUY with a Stop loss of 2600 for a target of 2900 atleast!
Britannia like KotakBank is one more stock which is remaining unaffected by market swings. At present it is having resistance at 6200 where bears have written Calls heavily. And at that level a Negative Divergence will appear. Hence price may see minor correction. This will be a good opportunity for going long.
Britannia Industries Ltd (NSE: BRITANNIA) is about to trigger Bearish Move as per TTC Breakout Formation. The Critical Make-Or-Break Zone is at around 4580. If it breaks decisively below this zone (on 1-hour closing basis), we may see sellers gaining control over the buyers.
For Short-term targets, Trader should eye on 4500 Zone. Then 4390 and 4290 are the next...