Buy Britannia Industries, target Rs 5,200: Rajesh Palviya
ETMarkets.com|
Feb 27, 2018, 08.09 AM IST
Rajesh Palviya of Axis Securities has a buy call on Britannia Industries with a target price of Rs 5,200.
The current market price of Britannia Industries is Rs 4,960.90.
Time period given by the analyst is one month when Britannia Industries price can reach defined target.
Rajesh Palviya recommended to keep a stop loss at Rs 4,780.
The most prominent observation on the price chart of Britannia Industries Limited is that the entire sideways consolidation under way since October 2017 till date has taken the shape of a "Horizontal Channel" continuation pattern formation as highlighted in the weekly price chart.
The breakout of the "Horizontal Channel" continuation pattern formation consisting of 18 week’s consolidation period was witnessed at 4,962 levels.
The measuring is the implication of the price pattern i.e. the range of the consolidation (4,962-4,746 = 216 points) projected from the breakout level of 770 provides upside target of 5,130-5,200 approximately.
The stock is sustaining above its 20, 50, 100 & 200 day EMA which supports bullish sentiments ahead.The stock is moving in higher Top higher Bottom formation across all the time frame indicating sustained uptrend.Volumes are significantly rising around breakout level.
The current market price of Britannia Industries is Rs 4,960.90.
Time period given by the analyst is one month when Britannia Industries price can reach defined target.
Rajesh Palviya recommended to keep a stop loss at Rs 4,780.
The most prominent observation on the price chart of Britannia Industries Limited is that the entire sideways consolidation under way since October 2017 till date has taken the shape of a "Horizontal Channel" continuation pattern formation as highlighted in the weekly price chart.
The breakout of the "Horizontal Channel" continuation pattern formation consisting of 18 week’s consolidation period was witnessed at 4,962 levels.
The measuring is the implication of the price pattern i.e. the range of the consolidation (4,962-4,746 = 216 points) projected from the breakout level of 770 provides upside target of 5,130-5,200 approximately.
The stock is sustaining above its 20, 50, 100 & 200 day EMA which supports bullish sentiments ahead.The stock is moving in higher Top higher Bottom formation across all the time frame indicating sustained uptrend.Volumes are significantly rising around breakout level.
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