Britannia (Set for a breakout ?)Britannia has formed a consolidation triangle in a daily TF and is looking set for a breakout, hopefully in the coming week. The lower end of the triangle is also protected / supported by 200 EMA. A breach on either side of the triangle can be traded, however with the sentiments of the markets the upper end looks much more imminent.
Things have started to turn towards the positive side, with many things working in India's favour like Increasing growth forecasts by different brokerage / research houses, companies delivering better than expected numbers for Q2, the expectation of having a vaccine soon has brought the Index to its all time high and things are just looking better. However we need to keep in mind that the markets are going up only on the expectation that things will be better, We need to see that even though the numbers for a lot of companies have improved they are still lagging the previous year on a half yearly basis and might de grow on a yearly basis as well, which clearly shows the valuations getting stretched even further. Volatility is here to stay until things don's look certain.
So trade with caution and never over expose.
