Sell Britannia November futures at Rs. 3500-3530
Target: Rs. 3250
Stop loss: Rs. 3650
Time frame: Till November expiry
In the current leg of rally in Nifty, sharp reversal was seen in few FMCG stocks. However, stock like Britannia industries remained lackluster.
Post its quarterly numbers, Britannia fell sharply from 3700 levels on the back of fresh short additions. Call writers remained active in OTM strike Calls of 3800 and 4000. However, as the stock slipped lower post its quarterly numbers, writing positions shifted lower to 3600 which is the hurdle zone. Britannia Industries saw short rollovers for November series which is likely to keep the stock move in check.
For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_DerivativesStrategy_Britannia_Oct 20.pdf
Shares of BRITANNIA INDUSTRIES LTD. was last trading in BSE at Rs.3474.65 as compared to the previous close of Rs. 3533.95. The total number of shares traded during the day was 16699 in over 3689 trades.
The stock hit an intraday high of Rs. 3548.1 and intraday low of 3460.7. The net turnover during the day was Rs. 58383132.