Initiation range: Rs 3,870-3,890
Britannia has been among the top-performing FMCG counters for the last several years. After a sharp dip in March 2020, it recovered almost vertically and made a new record high at Rs 4,010 in July 2020. It’s currently hovering in a range while holding firmly above the support zone of short term moving average (20 EMA) around its record high. Indications are in the favor of prevailing consolidation to end soon. Traders should use this pause to accumulate the stock in the given range.
Initiation range: Rs 485-490
Target: Rs 520
In line with other FMCG majors, Dabur has also been experiencing volatile swings but has been showing tremendous resilience on every dip and recently made a new record high as well. The marginal profit-taking in the last two weeks is offering a fresh buying opportunity. We advise accumulating within the mentioned zone.
Initiation range: Rs 186-190
has been consolidating in a range of Rs 160-195 levels for the last two months, after a sharp rebound from its record low. It is currently trading around the upper band of the range and likely to see breakout this time. The chart pattern and positioning of the indicators are adding to the confirmation. We advise creating fresh longs in the given range.
Disclaimer: Ajit Mishra is VP - Research at Religare Broking