The stock, Britannia Industries (BRIIND), remains a major outperformer within FMCG space and is currently poised to resume its structural uptrend after the four-week breather, thereby offering fresh entry opportunity.
Such a bullish stance on Britannia Industries is anchored on the following observations :
Since March 2020 panic lows of Rs 2100, price rallies are stronger while corrections have remained shallow underscoring strong appetite to own the stock and robust price structure
Over Past four weeks stock retraced is preceding five-week rally (Rs 3305 – 4010) only by 38.2%, signifying elevated buying demand
The share price has consistently garnered buying support at a rising 10-week average in each correction since March 2020.
This rhythm is expected to be maintained and stock to rally higher from current levels
Analysts expect a significant demand zone is now placed ~3570 which is 61.8% retracement of June-July rally, which is expected to be held.