GO­DREJ IN­DUS­TRIES

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I wish to buy shares of Go­drej In­dus­tries Should I buy at the cur­rent price?

- Aman Gupta

CMP: ₹509.40

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.

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