Buy Godrej Industries; target of Rs 218: IIFL

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Buy Godrej Industries; target of Rs 218: IIFL

IIFL is bullish on Godrej Industries and has recommended buy rating on the stock with a target of Rs 218 in its June 20, 2011 research report.

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IIFL is bullish on Godrej Industries and has recommended buy rating on the stock with a target of Rs 218 in its June 20, 2011 research report.

"Godrej Industries on the daily chart has signaled breakout from 'inverted head & shoulder patter' above Rs 194 with expansion in volumes. On Friday, the stock consolidated above the 200-DMA with breakout on the oscillator front, suggesting breakout thus affirming bullish trend in counter. The amplitude of 'inverted head & shoulder' pattern stands at Rs 24, giving immediate upside target of Rs 218. The RSI too has been showing a positive crossover thus supporting buying argument in the counter. We advise buying stock in the above Rs 203 with stop loss of Rs 197 for target of Rs 218. (Duration 5 days)," says IIFL research report.

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