PL Technical Research: Buy BRITANNIA INDS - Technical Pick

PL Technical Research: Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt.

BUY BRITANNIA CMP: 4525 TRGT: 5100 SL: 4350 - TECHNICAL PICK - The stock has witnessed a decent erosion from the 5200 zone retracing almost 78.60% of the previous rally and has shown signs of bottoming out near the significant 200 period daily MA at 4500 levels and indicating a trend reversal to anticipate for further rise. The RSI is hovering near the highly oversold zone and indicating a trend reversal to signal a buy with strength indicated for further upward movement in the coming days. With the chart looking very attractive, we suggest to buy and accumulate this stock for an upside target of 5100 keeping the stop loss of 4350.