Sell Godrej Industries Future; target of Rs 230: IIFL

According to IIFL, traders can sell Godrej Industries June Futures below Rs 241 with stop loss of Rs 246 for a target of Rs 230, in its June 13, 2012 research report.

“Godrej Industries had been struggling to surpass resistance of 50-DMA (Rs256) since last two weeks. Moreover, the stock had been taking support at its short-term trendline from second week of May 2012. However, on Tuesday, the stock closed below its crucial support trendline, thus confirming near term negative outlook. The daily RSI as well as the MACD depict the negative trend. In view of the above mentioned technical evidences, we recommend traders to sell Godrej Industries June Futures below Rs241 with stop loss of Rs246 for a target of Rs230,” says IIFL research report.    

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