Godrej Industries may hit Rs 410-415, prefer Dabur: Amit Gupta

Amit Gupta of ICICIdirect told CNBC-TV18, "If you are looking for a good pick up in monsoon or the possible goods and service tax (GST) pan out then I think we can look definitely the FMCG pack. We have seen after the lower than expected results from Hindustan Unilever (HUL), this stock has already reverted back to almost Rs 900 levels. So, when the leader is performing, I think these stocks should also start performing now. Godrej Industries is majorly a part of Godrej Consumer because it is a holding company of Godrej Consumer and Rs 12,000 crore of market capital of Godrej Industries is totally of that.""Now Rs 3,000-4,000 crore is ofGodrej Properties. Both of these companies are buzzing right now in terms of prices. That is why Godrej Industries also have started picking up. Recently, we saw good volume, almost six months high volume at a price of Rs 352. It remained there for a week and then reverted above that levels. So, that will remain in the immediate support and we are targeting Rs 410 - 415 on the higher side," he said."The leverage in terms of open interest is very low because it has been a continuous closer of shorts. Yesterday also if you observe there was 5 percent closer of positions in Godrej Industries. So, it may be another one where some short covering in this particular set up of the market may take place." "When we talk about Dabur India, after very good set of results we got, it really surprised the market. We saw very high volumes around Rs 298-300 levels. It took almost couple of weeks to take out Rs 300. Then once it took out that level we have seen almost 31 percent of addition in the long side in the stock. That remains a support and on the higher side Rs 325-330 can be targeted in the stock. This may be another one combo where monsoon plus GST can be played out."