ICICI Direct's research report on Godrej Properties
Strategy
Buy Godrej Properties in the range of Rs 900.00–922.00 for target price of Rs 1065.00 with a stop loss of Rs 840.00. Time Frame: Six months
Technical View
The share price has been forming a higher base over past three months while sustaining above its long term 52 weeks EMA, placed at Rs855, indicating sturdy price structure. We expect stock to resolve out of ongoing consolidation (Rs830-955), which will confirm resumption of primary up trend. Thereby, offering fresh entry opportunity with favourable risk reward. The stock has undergone broad based consolidation since beginning of CY18. During May-June, it has witnessed a sharp up move (Rs575-923). Since then stock has merely retraced 23.6% of this rally (Rs575-923), at Rs840 over past twelve weeks. The slower pace of retracement signifies robust price structure that has set the stage for next leg of up move On the oscillator front, weekly MACD has resolved out of zero line and sustaining well above its nine period average. Thereby validating our bullish stance In a nutshell, we expect the stock to resolve higher and head towards our target of Rs1065 levels in coming months as it the 80% retracement of February-May decline (Rs1189-575) placed at Rs 1066
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