For the third consecutive session, the stock has been forming higher tops and higher bottoms, while displaying a bullish candlestick pattern on the daily charts, accompanied by above-average trading volumes.
Details of Varun Beverages Stock:
On April 6, Varun Beverages’ stock surged 4% during intraday trading, reaching an all-time high of Rs 1,474, following a block trade of over Rs 60 crore worth of shares.
Having broken out of a consolidation range on April 3, the stock has been in an upward trend for the fourth consecutive session, with gains exceeding 8% over a four-day period.
According to CNBC-TV18, approximately 4.31 lakh shares, which is 0.1% of the paid-up equity valued at Rs 62.88 crore, were traded at an average price of Rs 1,457 per share.
At 1:23 pm, Varun’s shares were trading at Rs 1,457 on the NSE, reflecting a 3% increase from the previous close.
For the third consecutive session, the stock has been creating higher highs and higher lows while displaying a bullish candlestick pattern on the daily charts, with trading volumes exceeding the average.
Trading above all significant moving averages (21, 50, 100, and 200-day EMA) is an encouraging indication for the stock.
On a monthly basis, the stock has been on an upward trend for three consecutive months, with a consecutive session of higher highs and higher lows. Additionally, for the third day in a row, a robust bullish candlestick pattern has formed on the weekly chart.
Despite today’s surge, the Bollinger Band has widened on both ends, and the stock has been trading in the upper band for ten consecutive sessions, implying the stock’s momentum is still intact.
About Varun Beverages Stock:
Varun Beverages Limited (VBL) is an Indian company that produces, bottles and distributes beverages. It is the second largest bottling company of PepsiCo’s beverages in the world outside the United States. The company was incorporated in 1995 as a subsidiary of RJ Corp, and named after founder Ravi Jaipuria’s son.
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