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Stock picks by Nilesh Jain of Anand Rathi: Buy Britannia, sell ICICI Bank

The stock of ICICI Bank has breached its major rising channel on the downside and also provided breakdown from its double top pattern on the daily chart

Bs_logoThe stock of Britannia has witnessed some throwback post breakout from the levels of 2800
The stock of Britannia has witnessed some throwback post breakout from the levels of 2800
Nilesh Jain Mumbai
2 min read Last Updated : May 12 2020 | 8:08 AM IST
SELL NIFTY | TARGET; 9,100 | STOP LOSS: 9,400

Nifty is finding difficult to sustain above 9,400 levels which is acting as a major hurdle. It has also provided breakdown from a rising channel on the hourly chart. The momentum indicator RSI has also slipped below 50 levels shows that Nifty is losing the strength and we may see some selling pressure towards 9100 levels. We are expecting consolidation in the broader range of 9000-9400.

SELL BPCL | TARGET: 285 | STOP LOSS: 332

The stock is making a lower top and lower bottom formation on the daily chart. It looks like that stock is also forming a rounding top pattern which hints that stock may test its previous swing low of 285 levels. The momentum oscillator MACD has provided fresh sell crossover on the daily chart.

SELL ICICI BANK | TARGET: 290 | STOP LOSS: 350

The stock has breached its major rising channel on the downside and also provided breakdown from its double top pattern on the daily chart. The higher than average volume has also supported the price action. The momentum indicators and oscillators have also provided sell crossover on the daily chart.

BUY BRITANNIA | TARGET: 3,250 | STOP LOSS: 2,920

The stock has witnessed some throwback post breakout from the levels of 2800 and now after retesting the breakout levels it has again started its up move. It is also taking support of its 21-DMA on daily chart which is currently placed at 2940. The momentum oscillator MACD is very well in buy mode on the weekly scale.

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Disclaimer: All stock prices are in rupee denomination unless otherwise stated. Nilesh Jain is Technical and Derivatives Research - Equity Research at Anand Rathi Shares and Stock Brokers. Views are his own.

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