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The stock of Britannia Industries is hovering around a crucial level of ₹3,200. Looking at the recent price action, the stock will most likely strengthen from current levels. Hence, traders with short-term perspective can buy the stock.
After registering 52-week low on ₹2,300 in August last year, the stock has been on an uptrend since then. In fact, it marked lifetime high of ₹3,583.75 last September. However, the stock witnessed a correction, declining to ₹3,000 levels during past couple of months. But currently the stock seems to have resumed its bull trend as it has formed higher peaks and higher troughs in the daily chart – a bullish indication.
The daily Relative Strength Index (RSI) is showing a fresh uptick, supporting the bullish outlook; and, the Moving Average Convergence Divergence (MACD) indicator in the daily chart hints at considerable buying momentum. Also, the price has crossed above the 50 per cent Fibonacci retracement level of the prior corrective fall.
The above factors indicate a positive outlook and hence, traders can buy the stock for the short-term at current levels with stop-loss at ₹3,130, with a target of ₹3,330.
Supports: ₹3,140 and ₹3,080
Resistances: ₹3,340 and ₹3,400
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