Monthly gives a mixed view with green candles and minor resistance rejections.
Weekly:- Doji formed at Monthly Resistance, price losing steam, showcasing negative bias.
In daily, there is a nominal bearish divergence in RSI as well as red candle rejection of monthly resistance....
Britannia retracing from the 0.786 level also reversing from GAP area which was formed on the 23rd of September. It has also reversing from the support line.
The stock may be bought in the range of Rs 2,940-2,960 for targets of Rs 3,100-3,250, and keep a stop loss below Rs 2,840.
Britannia Industries is seen resisting 2730 & thus demands a cautious approach for those who are long on the counter. Though a close above 2730 will open way for targets of 2860, 3000 & 3100. But a failure to do so will result in downside targets of 2500, 2300 & 2200 in short term. Thus, high risk traders can even sell with a strict stop loss above 2775 on closing basis.
Britannia has been in a nice and long uptrend over the last 5 years.
After consolidation, this stock now appears to have reached the strong support zone of this multi-year uptrend and has closed with a nice and long Hammer Doji.
At this point, it does feel like the support zone is strong and the stock will reverse back to its uptrend.
Its certainly worth...