I wish to buy shares of Godrej Industries Should I buy at the current price?
- Aman Gupta
BSE Code: 500164
BUY AT CURRENT MARKET PRICE WITH STOP LOSS OF RS 465
Godrej Industries is currently trading at Rs 509.40. Its 52-week high/low stand at Rs 657.60/Rs 434.50 made on August 1, 2018 and October 25, 2018, respectively. The stock, after registering its 52-week high in the month of August, witnessed fierce sell-off and corrected almost 33 per cent from the higher levels. On the daily time frame chart, the stock has recently given a close above the short term 21-day EMA along with a breakout of a triangle-like pattern. On November 13, 2018, the stock witnessed highest volumes in this year. Also, the RSI on the daily time frame has witnessed a downward sloping trendline breakout and is in rising mode, which indicates a bullish stance. On the weekly time frame, the 14-period RSI is quoting at 41 and it has recently given positive crossover. For the short term, the target of Rs 545 followed by Rs 565 is possible and the stop loss for long position would be around Rs 465.