Aditya Agarwala
On the daily chart, Godrej Agrovet is on the verge of a breakout from a bullish Flag pattern suggesting bullishness dominant in the stock.
Further, the stock has taken support at the 38.2 percent Fibonacci retracement levels and volumes have declined within the Flag suggesting a temporary pause before it resumes the uptrend.
The RSI has turned upwards breaking out of the upper Bollinger Bands suggesting extended bullishness in the coming trading sessions.
The stock may be bought in the range of Rs 644-648 for targets of Rs 680-695, with a stop loss below Rs 625.
Disclaimer: The author Technical Analyst at YES Securities (I) Ltd. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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