Varun Beverages Limited : Good results, BUT technically weak

-Q3 results were out today, and looked good prima-facie !
-Technically, Varun Beverages stock prices are trading below all moving averages in daily time, while on weekly also it has resistance around 600 zone. 650 - 670 is strong resistance in VBL.
-It has bounced from 20M-EMA once, but if market weakness persists then it may fall down.
-With P/E ratio of ~ 71.4 (< 5 year average of 66) the PIIND stock prices need to show consistent performance to maintain it’s P/E ratios. Highly likely that VBL may consolidate again.

#stoxsense #VBL