Business Standard
Web Exclusive

Here's why Mehul Kothari recommends buying Britannia, HDFC Bank

According to the technical analyst from Anand Rathi, Britannia is hovering near its 200 DSMA support which also coincides with the ICHIMOKU cloud on the weekly scale, thus the downside seems marginal

Buzzing stocks | Britannia | HDFC Bank

Mehul Kothari  |  Mumbai 

Markets, bulls, bears, stocks, trading, technicals, market technical, technical analysis

TARGET: Rs 3,800
STOP LOSS: Rs 3,380

Till the time there is uncertainty in the market; it is better to go with the stocks which seems to be safe and have good risk reward ratio. The stock is hovering near its 200 DSMA support and also that support coincides with the ICHIMOKU cloud on the weekly scale. Thus the downside from here seems to be marginal. Traders can buy the stock on dips between Rs 3,530 – Rs 3,500 with a stop loss of Rs 3,380 for upside target of Rs 3,800 in 3 – 4 weeks.

TARGET: Rs 1,600
STOP LOSS: Rs 1,440

We are choosing HDFCBANK for a scenario where things start settling down in the In that case HDFCBANK could give a decent pullback since it is trading near strong weekly support of ICHIMOKU cloud. Also the daily RSI seems to be turning from the support of 30 value. Traders can buy the stock on dips between Rs 1,500 - Rs 1,480 with a stop loss of Rs 1,440 for upside target of Rs 1,600 in 3 – 4 weeks.

Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, November 30 2021. 08:09 IST