Buy Godrej Industries near Rs 313; tgt Rs 350: ICICIdirect
Brokerage house ICICIdirect.com is bullish on Godrej Industries and has recommended to buy the scrip around Rs 308-313 for price target of Rs 350 with a stop loss of Rs 292 with a time horizon of three months.
ICICIdirect.com's research report on Godrej Industries
Godrej Industries has been witnessing a gradual increase in open interest since the start of the April series, when the stock was trading close to Rs 290-300 levels. We believe a positive bias is building up in the stock. However, the stock is still low on leverage as the total open interest is 70% lower than the highest open interest seen during December 2012. Thus, fresh accumulation of positions should trigger further upsides in the stockGodrej Industries has observed high delivery volume near Rs 290-300 levels during the March series. The stock held these levels despite the prevailing selling pressure in the broader markets. At the same time, significant delivery based buying was seen in Godrej Industries at Rs 292-295 levels. We expect these levels to act as strong support for the stock in the near termThe stock has its 200 DMA near Rs 291, which is expected to act as strong support in the near term. Recently, the stock found support at its 200 DMA levels on multiple occasions since April. We expect the positive bias to remain in the stock in the near term. As the stock is witnessing a consolidated move in the range of Rs 305-315 for the last three weeks, we expect a close above this level to trigger a fresh up move in the stock towards Rs 370Recommendation: Buy Godrej Industries in cash in the range of Rs 308-313 for price target of Rs 350 with a stop loss of Rs 292 with a time frame of three months.Also Read: Buy Godrej Industries, says Sudarshan SukhaniDisclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their 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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