United Breweries was up 6 percent on Friday, June 4, above all its important moving averages 20-50-100 and 200. Along with the move on Friday, also the Futures moved higher with a 22 percent rise in the open interest, suggesting that people are betting via futures, a lot of long positions have been added there.
What is aiding the stock?
Perhaps the announcement pertaining to Maharashtra and Delhi unlocking by the government authorities will further boost the demand and sale of shares. Also, Heineken picking up more stake will provide further triggers as well.
Five lakh shares were marked for delivery on Friday. This compares with an average of 1.5 shares. So, the stock is moving higher, there are a fair number of triggers in place and people are marking that for delivery.
Watch the accompanying video of CNBC-TV18’s Mangalam Maloo for more details.