Weekly Pick 23rd September 2024

1. NESTLE INDIA LTP 2,699

Nestle India Limited, part of the global leader in Nutrition, Health, and Wellness, was founded in 1866 and operates in the food business. Its product range includes milk products, nutrition, beverages, prepared dishes, cooking aids, chocolates, and confectionery. Key brands include NESCAFE, MAGGI, MILKYBAR, KIT KAT, BAR-ONE, MILKMAID, and NESTEA. The company’s beverage line features NESCAFE CLASSIC, My First Cup, CAPPUCCINO, SUNRISE Premium, and NESTEA ICED TEA. Nestle S.A. and Maggi Enterprises Limited are its holding companies.

Technical Outlook

_{^{(Source: Fisdom research)}}

• NESTLE INDIA has given a Falling Channel pattern breakout on the weekly chart and witnessed a broader consolidation breakout.
• Stock has shown above-average volumes at breakout indicating a confirmed breakout.
• Momentum Indicator RSI (14) has given a trend line breakout above 60 levels with a bullish crossover on the cards.
• Stock has been trading above 50 EMA on the weekly chart maintaining the bullish momentum.
• The MACD indicator is reading with a bullish crossover and has sustained above its polarity levels.

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