Britannia share price hits lifetime high despite stock market bloodbath

  • Britannia share price today climbed to a new peak of 5,414.40 per share on NSE

Asit Manohar
Updated4 Jun 2024, 06:33 PM IST
Despite stock market bloodbath after disappointing Lok Sabha Election results, the Nifty FMCG index ended one percent higher on Tuesday.
Despite stock market bloodbath after disappointing Lok Sabha Election results, the Nifty FMCG index ended one percent higher on Tuesday.

Stock market bloodbath: Amid a heavy sell-off on Dalal Street, most Indian indices are trading red with heavy intraday losses. However, the Nifty FMCG index ended up being around one percent higher. FMCG major Britannia share price touched a new lifetime peak of 5,414.40 per share on NSE. The stock ended around 3.50 percent higher at 5,340 per share. According to stock market experts, when there is a big fall in the Indian stock market, investors move towards FMCG, pharma, and IT stocks as they are considered safe bets in a falling market. Today, investors bet on the FMCG stocks that helped quality FMCG stocks like Britannia register sizeable rises during Tuesday's session. They expected further upside in Britain's share price in the near term and predicted a short-term target of 5,500.

Triggers for Britannia share price rally

On reasons that are fueling Britain's share price despite the stock market crash, Avinash Gorakshkar, Head of Research at Profitmart Securities, said, "In a falling stock market, Dalal Street investors look at FMCG, pharma, and IT stocks as safe bet. That's why the Nifty FMCG index was around one percent higher on Tuesday. As far as Britanning share price rally is concerned, this trend of the falling Indian stock market can be attributed as major reason. The trend may further continue. So, Britannia shareholders may hold the stock to minimise their short-term gains in this stock market bloodbath."

Britannia share price target

Expecting more upside in Britannia share price, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, said, “Despite stock market crash after the disappointing Lok Sabha Election results, Nifty FMCG Index ended around one per cent higher. The index is in the 54,800 to 55,600 range. On breaching the upper hurdle on a closing basis, the index may see more upside in the near term. Regarding Britannis share price rally, on the technical chart, Britannis shares have immediate support placed at 5,130 per share. So, Britannia shareholders can hold the scrip for the immediate target of 5,410 to 5,415 per share level. The stock may touch the 5,500 mark in the short term on breaching this hurdle on a closing basis.”

For fresh investors considering Britannia shares, Ganesh Dongre of Anand Rathi offers a clear investment strategy. He suggests buying Britannia shares at the current market price and continuing to accumulate until the stock remains above the 5,130 per share mark. With the stock expected to touch the 5,410 to 5,415 mark in the near term, and a short-term target of 5,500, Dongre advises holding the scrip for potential gains once the stock closes above the 5,415 mark. This strategy provides a roadmap for new investors to maximize their returns.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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First Published:4 Jun 2024, 06:33 PM IST
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