We have a buy recommendation for Future Consumer which is currently trading at Rs 53.75, says Dinesh Rohira of 5nance.com.
Despite a negative trajectory on an intraday basis, Future Consumer made a strong rebound on weekly basis to breach upward from its crucial resistance of Rs 50.40 levels after forming a lower base at Rs 44 zone.
It witnessed a reversal trend favoring upward trajectory managing outpace long-term moving average level of 100-50-days at 46 and 51 respectively, and also witnessed a significant volume growth above its daily average.
The weekly RSI level at 63 has shown a positive price divergence while MACD continued to indicate bullish crossover.
We have a buy recommendation for Future Consumer which is currently trading at Rs 53.75 for target of Rs 59.