Buy Britannia, target Rs 2860: Pritesh Mehta

Pritesh Mehta, Head Technical Research at IIFL recommends a buy on Britannia with a target price of Rs 2860 and a strict stop loss placed at Rs 2730. The stock has slipped 8 per cent so far in the calendar year 2016. The stock is looking bullish on the charts.

Britannia is a low beta stock (0.49) and is trading well below its 50-day, 100-day and 200-day moving average of Rs 2778, Rs 2759 and Rs 2865, respectively, as per data collated by ETMarkets.com. The stock is trading with a P/E of 43.98 and P/B of 26.54.