Moneycontrol Be a Pro
Get App
Last Updated : Aug 07, 2015 06:50 PM IST | Source: Moneycontrol.com

Buy Godrej Industries; target of Rs 475: ICICIdirect

ICICIdirect.com has advised to buy Godrej Industries in a range of Rs 389-397 for the target price of Rs 475 with a stop loss of Rs 354, in it's research report dated August 7, 2015.

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Quant Picks - Godrej Industries: ICICIdirect.com

Rationale


In the ongoing consolidation of the Nifty, midcap stocks have started to garner open interest. Godrej Industries is one such stock, which is likely to come out of the recent consolidation on the back of the build-up of addition of long positions and the recent delivery pick-up.


Futures data is suggesting resumption of long addition trend. In May, OI had come down to multi-month low of 1.60 million shares. Since then, the stock has seen constant yet gradual long additions while the current OI is 2 million shares. We believe long positions have been getting added in the stock at lower levels

Close

The spread between 30 Day HV and 60 Day HV is still in declining trend in the recent up move of the stock. The spread is likely to further dip into the negative territory. We believe the 30 Day HV will decline further, which would take the spread in the negative territory. The decline in spread would lead to upsides in the stock.


Recommendation


Buy Godrej Industries in range of Rs 389-397
Target Price: Rs 475
Stop loss: Rs 354
Time frame: Three months




For all recommendations, click here




Disclaimer: 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.



Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Aug 7, 2015 06:50 pm
Loading...
Sections
Follow us on
Available On