Buy Colgate Palmolive, target Rs 1,250: Aditya Agarwal

Aditya Agarwal

Looking at the weekly chart, Colgate Palmolive India has been consolidating in a range of Rs 1,170 to Rs 1,006 since several months but managed to break the upper band of consolidation recently to hit a fresh all-time high of Rs 1,189.70.

The said breakout was also supported by rising volumes which is a bullish sign. The weekly RSI (14) broke the trend line drawn from the top of June 30, 2017.

Hence, we advocate traders to accumulate this stock in a range of Rs 1,168 to Rs 1,160 with a price target of Rs 1,250, and a stop loss should be placed below Rs 1,105.