Britannia Industries Ltd (BRITANNIA) Share Price Target with overall forecast, support levels, resistance levels and stoploss is posted on 25 Nov 2020. Stock is trading around 3540 at the time of analysis.
This Britannia share price forecast based on Elliott Wave Analysis is valid for short term as long as minimum target or stoploss is intact.
Otherwise, Elliott Wave Theory expert Deepak Kumar review this stock on regular basis and any changes or further follow up will be updated on this page on regular basis.
Let’s have a look at daily chart of Britannia Industries for Elliott Wave Analysis.
This is daily chart of Britannia Industries (BRITANNIA) covering decline after all time high 4010.
The decline after all time high 4010 look like a complex corrective pattern and there is also a Fibonacci upside breakout indicating bounce above 4010 again.
The pattern of decline after 4010 looks like a Double Zigzag Correction with,
23%-38% retracement of inner wave (C) of 2nd (ABC) cycle is placed at 3488-3555 and same already broken. Britannia Stock Price also closed a complete daily candle above 38% retracement 3555.
Break above 3555 is indicating bounce above 4010 again with 3835 is minimum/immediate target.
3555-3488 can act as short term support for bounce towards 3835-4010.
3382 is pattern negation point and this study will get invalid if Britannia Share Price breaks below 3382.
3835 is minimum upside target price for Britannia Share which further can extend above 4010. We need to revise wave counts once Britannia Stock Price achieves 3835.
Bounce towards 3835 is expected to be quick and sharp because there is formation of upside wave (1) and (2) followed by (i) and (ii). next wave (iii) and (3) is known for sharp move with gap openings.
3555-3488 can act as immediate or short term support and same can be used low risk buying range.
3382 is pattern negation point and same can be used as stoploss for buying positions.
Britannia Industry Share low risk trading strategy is be on Buying Side as long as immediate support 3555-3488 is intact with stoploss below 3382 for minimum target 3835.
Further, trade can be managed with trailing stoploss after achieving minimum target 3835.
This stock is also suitable for option buying (call) because bounce is expected to be quick and sharp if it happens.
Deepak Kumar is tracking this stock movement on regular basis. So any change in Britannia Share price target and forecast will be updated here accordingly.
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Also read Nifty Forecast for Tomorrow by Elliott Wave expert Deepak Kumar
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About Deepak Kumar
An independent Elliott Wave Theory analyst, trainer and trader. Analyzing Indian Indices and stocks since 2011. Founder of “Sweeglu Elliott Waves” and author of most practical book on Elliott Wave Theory, “Practical Application of Elliott Wave Principle”
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