Chart check: Britannia shares dipped post Q3 results, Will ITC follow suit?

Shares of ITC were trading nearly 1 per cent lower on the BSE ahead of its December quarter results due to be announced later today

Britannia announced its December quarter results for FY21 (Q3FY21) post market hours on February 5, 2021. In the four trading sessions since (till Wednesday), the FMCG firm's stock has lost 3.2 per cent as compared to the benchmark S&P BSE Sensex's 1.13 per cent gain in the same period.
 

Analysts at Emkay said that Britannia's sales growth of 6 per cent in the quarter under review was "disappointing", even though margin gains remained strong.
 

"Slowdown in sales growth was due to sluggish category trends in MT and reversal of higher in-home consumption demand seen in Q1, with consumer shifting to other snacking options. Commentary indicated a gradual recovery in growth to pre-Covid levels. We cut our FY21-23 estimates marginally by 2-4 per cent on account of a sequential slowdown in growth. We expect re-opening of

 schools/offices to drive on-the-go consumption and improve growth," the brokerage said, adding that it maintains 'Buy' with a revised target price of Rs 4,500.
 

With ITC slated to announce its quarterly results on Thursday (February 11), here's how Britannia, ITC, and other FMCG stocks look from a technical viewpoint.

NIFTY FMCG: The index is gradually rising with the support of the 50-day moving average (DMA), as per the daily chart. This upside has a selling pressure above 35,000 levels. Only a firm close above this resistance may trigger the next leg of upside towards 36,000 mark. As of now, the trend is moving with a positive bias and till the 50-DMA, placed at 34,000, is defended, the upside bias may see an addition in volume on the bullish side. CLICK HERE FOR THE CHART
 
ITC Ltd (ITC): The overall trend looks bullish with the consolidation breakout from the range of Rs 220 to Rs 200 levels. The current weakness is retesting the support levels of Rs 214 mark. The volumes on the current weakness have been sluggish, indicative of a lesser aggression. A decisive move above Rs 235 may see bullish trend gaining momentum with a rally anticipated towards Rs 250 and Rs 265 levels, as per the daily chart. CLICK HERE FOR THE CHART
 
Britannia Industries Limited (BRITANNIA): Following the breach of the 200-DMA, the reversal failed to conquer 100-DMA and 50-DMA, as shown in the daily chart. This weakness gained selling pressure when the support of Rs 3,500 was breached. The counter has entered in a weak trend and any reversal towards Rs 3,500 level may see an addition in short positions. The overall trend is suggesting a negative rally towards Rs 3,300 levels. CLICK HERE FOR THE CHART
  
Hindustan Unilever Ltd (HINDUNILVR): The stock is revolving around the support of 100-DMA, currently placed at Rs 2,225 levels. That said, the current sideways movement indicates an upside rally, only if the counter manages to cross Rs 2,280 with aggressive volumes. The negative bias may see a weak momentum below the close of Rs 2,200 levels. CLICK HERE FOR THE CHART
 
Dabur India Ltd (DABUR): A trendline breakout and a rally above Rs 530 may trigger a rally towards Rs 540 and Rs 545 levels for the counter, as per the daily chart. The Relative Strength Index (RSI) has crossed the resistance of 49 value, which also suggests that the counter is gaining momentum on the upside. The immediate support comes at Rs 525 and Rs 520 levels. CLICK HERE FOR THE CHART
 
Marico Ltd (MARICO): The counter is currently trading in a consolidation phase, as per the daily chart. The range of Rs 430 on the upside and Rs 390 on the downside has become the trading range. Any move beyond this range may trigger the next imminent rally. If broken on the upside, the rally may see Rs 460 as immediate levels, whereas the breach below Rs 390 may see a downside towards Rs 360 level. CLICK HERE FOR THE CHART