Ashish Chaturmohta
Godrej Industries has been in an uptrend on the long-term charts forming higher tops and higher bottoms on the long-term chart. For the last eleven months, the stock has been in a corrective phase and was trading sideways to negative in a narrow range of Rs 699 to Rs 512 levels.
The stock has seen a bounce back from Rs 550-512 zone on multiple occasions indicating a strong support zone for the stock. The daily MACD line has given positive crossover with its average suggesting stock is likely to see the start of a fresh uptrend.
The stock has moved above the falling resistance trend line connecting highs of Rs 699 and Rs 646 on the weekly chart and was consolidating above it for the last few weeks.
Thus, the stock can be bought at current level and on dips to Rs 607 with a stop loss below Rs 585 for a target of Rs 700 levels.
Disclaimer: The author is Head Technical and Derivatives, Sanctum Wealth Management. 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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