Podcast | Today's Pick: Varun Beverages

| Updated on June 18, 2020

The stock of Varun Beverages on Thursday broke out of the critical resistance of ₹700, which has been acting as a hurdle for the past three months.

The stock has recovered swiftly after losing about 45 per cent from its peak in March.

After rallying to ₹680 from ₹500 in the month of April, the stock started oscillating between ₹580 and ₹680.

But subsequently, it had breached ₹680 and closed above ₹700 on Wednesday.

The price of the stock is well above its both 21- and 50-DMAs.

The potential targets are ₹775 and ₹800.

Hence, traders can initiate fresh long positions on dips with a stop-loss at ₹660.

Published on June 18, 2020

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