britannia industries share price: Big Movers on D-St: What should investors do with Bank of Baroda, Britannia Industries and MCX?
Sectorally, buying was seen in the public sector, oil & gas, auto, realty, and metals while selling was seen in healthcare, consumer durables, and IT.
Stocks that were in focus include names like
which was up over 9%, which closed with gains of nearly 9%, and which was up over 2% on Monday.
Here’s what Jatin Gohil, Technical and Derivative Research Analyst at Securities recommends investors should do with these stocks when the market resumes trading today:
Bank of Baroda: Partial Profit Booking
On 7th Nov, the stock extended gains post a runaway gap and rose to a multi-year high of Rs 161.60 subsequently. So far, the stock has witnessed a 93% rise during this calendar year.
Due to such a sharp rise, major technical indicators are placed around the overbought zone. In the past, these indicators reversed from the overbought zone and attracted short-term decline thereafter.
Hence, price-wise or time-wise correction cannot be ruled out in the short term. In case of a decline, the stock may find support around its 50-day EMA (Rs 136).
However, a follow-up move could lead the stock towards Rs 179 initially and Rs 191 subsequently.
Britannia Industries: Buy
Due to bumper results, the stock jumped and recorded a new lifetime high of Rs 4,190. A substantial rise in volume and an increase in future open interest signals that major market participants are in favour of the bulls.
The stock has the potential to move towards its prior high connecting the rising trendline, which is placed at around Rs 4,400.
On the lower side, the stock will find support around the Rs 3,950-3,900 zone. A fresh long position can be initiated at the current juncture and on dips for the desired action.
The stock witnessed a breakout from a bullish flag pattern and rose to a 9-month high of Rs 1,550 with above-average volume. This could take the stock towards Rs 1,640 initially and Rs 1,690 subsequently.
The key technical indicators are positive on the short-term timeframe chart. In case of any decline, the stock will find support around the Rs 1,445-1,425 zone.
A fresh long position can be initiated at the current juncture and on dips towards Rs 1,515 for the probable rise.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)