Ashish Chaturmohta
Godrej Industries has been in an uptrend on the long-term charts forming higher tops higher bottoms on long-term chart. For the last eleven months, the stock has been in a corrective phase trading sideways to negative between Rs 699 to Rs 512 levels.
The stock has seen a bounce back from Rs 550-512 zone on multiple occasions indicating as a strong support zone for the stock.
The weekly MACD has moved above neutral level of zero suggesting consolidation phase is over and the uptrend is resuming. The stock has moved above falling resistance trend line connecting highs of Rs 699 and Rs 646 on the weekly chart.
Thus, the stock can be bought at current levels 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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