Aditya Birla Money is bullish on Godrej Ind and has recommended buy rating on the stock with a target of Rs 220 in its May 11, 2011 research report.
"Godrej Ind has been trading in a sideways channel with upward bias since last 18 months. After successfully testing the lower band at Rs 154 in Mid Feb 2011, the stock bounced back towards Rs 199. Since last 4 weeks prices have been consolidating the gains from Rs 154 to 198 in a tight range between Rs 193 and 180 forming a Triangular pattern. Also confluence of 55 and 200 DEMA at 183 levels is under pinning prices. A breach of last swing high at Rs 191.25 would indicate that the consolidation is over and the uptrend could resume towards Rs 205/220."
"Daily momentum has given a positive crossover and thus is likely to support prices. A breach below Rs 180 would negate the bullish expectation and lead to a breakdown from the range pushing prices lower towards Rs 160. Buy Godrej Ind above Rs 191.50 for a target of Rs 205/220 with stop placed below Rs 180," says Aditya Birla Money research report.
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