Pritesh Mehta of IIFL told CNBC-TV18, \\"Godrej Industries has reversed from the bearish resistance line on the daily chart. It also coincides with its 200-day moving average. I believe that for the short-term we are going to see more downside, because the stock has also given a breakdown from a small consolidation pattern which took place between Rs 287 and Rs 260. Below Rs 245 the selling pressure is going to intensify and we can see levels of Rs 230.\\"
At 14:31 hrs Godrej Industries was quoting at Rs 251.90, down Rs 7.70, or 2.97 percent. It has touched an intraday high of Rs 258.15 and an intraday low of Rs 250.70.
The share touched its 52-week high Rs 331.95 and 52-week low Rs 218.50 on 09 January, 2013 and 28 August, 2013, respectively. Currently, it is trading 24.12 percent below its 52-week high and 15.29 percent above its 52-week low. Market capitalisation stands at Rs 8,450.02 crore.
Disclosure: He might have recommended the stock to his clients, but has no personal holdings.
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