Gladiator Stocks - Godfrey Phillips: ICICI Direct

The stock has generated a resolute breakout above the falling supply line joining the highs of January 2020 (Rs 1481) and August 2020 (Rs 1092) signalling a reversal of the corrective trend and resumption of up move post a seven months higher base formation. The stock during the current week has also closed above the 52 weeks EMA highlighting strength. Structurally the stock has already taken 33 weeks to retrace just 61.8% of the previous five weeks rally (Rs 732-1113) indicating robust price structure and a higher base formation. The breakout from the major falling supply line is supported by strong volume of double the 50 weeks average of 4 lakhs share per week highlighting larger participation in the direction of trend. We expect the stock to continue with its current up move and head towards Rs 1140 levels as it is the 61.8% retracement of the previous major decline February-March 2020 (Rs 1410-732) around 1140 levels.

For all recommendations report, 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.

Godfrey Phillips -09122020-icici