Britannia Industries Limited shows strong development
within a rising trend channel in the medium-long term.
This signals increasing optimism among investors
and indicates a continued rise. The stock has broken
an inverse head and shoulders formation.
A decisive
break of the neckline at approximately 3962 will signal
a further rise to 4915 or more. It also gave positive
signal from the inverse head and shoulders formation
at the break up through the resistance at 3619.
Further rise to 4365 or more is signaled. The stock has
marginally broken up through resistance at rupee 4120.
An established break predicts a further rise.
A positive volume balance indicates that buyers are aggressive
while sellers are passive, and strengthens the stock. The
stock is overall assessed as technically positive for the
medium-long term. The likely targets are annotated on the chart.
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