Jun 16, 2011, 04.21 PM | Source: CNBC-TV18
Shardul Kulkarni, Sr. Technical Analyst, Angel Broking is of the view that Britannia Industries may give a good upside in the near term.
Kulkarni told CNBC-TV18, “At least if you take into consideration from a positional trading perspective, there is no confidence amongst any trader as of now to go long from five to six day position perspective. So you are seeing that all the stocks which are defensives are moving upwards. You are seeing that Hindustan Unilever went up. You are seeing that stocks like Lovable Lingerie are moving upwards. So I think it’s the defensives that the market is taking into consideration.”
He further added, “I think that Britannia is one stock which we will go long on. Britannia Industries is one counter wherein you are seeing good volumes taking place and you are also seeing that the stock actually went up from Rs 440 to Rs 480 just two days back and that too on strong volumes. So this is one counter we would prefer to go long on. I don’t think that any rate hike or any thing of that sort will affect this particular counter fundamentally. So I think that going forward Britannia Industries may give you a good upside in the near term.”
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