"Although the market is very fragmented and Chain Market accounts for only 9.4 per cent of market share, the QSR segment comprises of 47 per cent of the Chain Market segment, creating lucrative for international fast food joints. The Indian market is dominated by burgers and sandwiches with a market share of 31 per cent in FY 2020," noted Geojit Financial Services.
In this backdrop, let's take a look at how the other QSR stocks look on charts.
Jubliant Foodworks Ltd (Jublfoods): The monthly scale indicates a rally ahead as the stock has managed to hold above Rs 2,400 levels. The weekly chart, however, is reflecting a resistance near Rs 2,700 levels. An upmove above this resistance may trigger a rally towards Rs 3,000 mark. On the downside, as long as the stock holds Rs 2,500 on the closing basis, the upside bias is expected to prevail. Furthermore, despite the Relative Strength Index (RSI) being moderately in an overbought condition, the stock price is not showing major weakness. CLICK HERE FOR THE CHART
Westlife Development Ltd (WESTLIFE): With a 'Golden Cross' of 50-days moving average (DMA), 100-DMA with 200-DMA, the counter is poised to climb higher. The breakout above Rs 415 suggests march towards Rs 460 and Rs 480 levels on the short to medium-term levels. Additionally, daily charts suggest that the stock is gradually firming the positive trend even as volume stricture appears highly confusing. A big up move may emerge once the counter manages to sustain above Rs 450 levels on a closing basis. On the downside, support is seen at Rs 420 levels. CLICK HERE FOR THE CHART
Tata Coffee Limited (TATACOFFEE): A perfect 'Inverse Head and Shoulder' pattern illustrates breakout near Rs 120 levels for the stock, as per the weekly chart. One can also see a 'Flag Pattern' that has already broken-out around Rs 108 levels. If Tata Coffee breaks out above 120, the rally may see stretch towards Rs 140 and Rs 152 levels. Volume build up was also seen in the last few sessions which indicates interest of the market participants in the favour of as upmove. The immediate support comes at 99 levels. CLICK HERE FOR THE CHART
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