UBL is currently consolidating within a key support range near its 200-day moving average, with SEBI-registered analyst Anupam Bajpai advising investors to watch for a decisive breakout above ₹2,090 for bullish momentum or a breakdown below ₹2,020 signaling potential weakness.

United Breweries Ltd (UBL) shows technical indicators of a momentum pause while remaining within a tight consolidation range after initial uptrend signals, according to SEBI-registered analyst Anupam Bajpai.

According to Bajpai, who identified this as a bullish indicator, UBL's stock surpassed its 200-day moving average in April. 

The doji candlestick that appeared on April 22 and 23 formed outside the upper Bollinger Band with an RSI reading of 76, demonstrating market indecision between buyers and sellers and indicating overbought conditions. 

At the time of writing, UBL shares were trading at ₹2,033.20, down ₹17.40 or 0.85%.

After this event, two trading sessions occurred, which showed declining prices.

The trading range for UBL between ₹2,090 and ₹2,240 began on April 28, the analyst said. 

Bajpai noted that the stock fell below its trading range on May 13, yet found backing at the 200-day moving average, a critical technical point at ₹2,020. 

He advised investors to await confirmation: A move beyond ₹2,090 would likely spark positive market movement, while closing under ₹2,020 indicates a shift toward market negativity.

The technical consolidation comes as UBL is preparing to invest substantially in capital expenditures during this fiscal year to expand production capabilities and increase cooler availability at retail locations across India, according to CEO Vivek Gupta.

The company plans to use improved infrastructure to manage seasonal demand surges and grow its market share.

However, Gupta said  that high excise duties present the most significant obstacle to India's beer industry, limiting profitability and pricing flexibility.

On Stocktwits, retail sentiment was ‘neutral’ amid ‘normal’ message volume.

UBL sentiment and message volume as of May 19, 11 am IST. Source: Stocktwits.

The stock has declined 2.8% so far in 2025.

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