Investors have paid higher prices over time to buy Britannia Industries Ltd. and the stock is in a rising trend channel in the medium long term. Rising trends indicate that the company experiences positive development and that buy interest among investors is increasing.
It, however, gave a positive signal from the inverse head and shoulders formation at the break up through the resistance at 3962.
Further rise to 4914 or more is signaled. The stock has broken a support level in the short term and given a negative signal for the short term trading range. There is no resistance in the price chart and further rise is indicated. In case of a negative reaction, the stock has support at approximately 4130 rupee.
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.
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