Godrej Industries may test Rs 380, says Kunal Bothra

Kunal Bothra of LKP Securities told CNBC-TV18, "Godrej Industries is more of a momentum pick, we believe that the stock on the hourly charts is forming a bullish pennant formation. For the last five trading sessions, it has been in a spring type of an action. The level of Rs 365-367 is where it tries to face resistance and probably just cools off and the range is getting narrow and narrower over the last three or five trading sessions which is why I believe that there could be a break-out happening in Godrej anytime soon. I am looking at a target of Rs 380 on Godrej Industries keeping a stop loss of Rs 350 on it."

At 13:32 hrs Godrej Industries was quoting at Rs 364.20, up Rs 4.15, or 1.15 percent. It has touched an intraday high of Rs 369.50 and an intraday low of Rs 359.