Traders can accumulate the stock in range of Rs 620-630 for the target of Rs 690 and a stop loss below Rs 580, says Shitij Gandhi of SMC Global Securities.
Last week Godrej Industries has given a consolidation breakout above Rs 620 levels after trading in the broader range of Rs 520-620 for more than eight months.
The prolonged consolidation breakout has been seen along with hefty volumes which suggest that bulls are taking control over the scrip.
Additionally, the momentum oscillators on the weekly interval are also supporting for the next up move in prices. So, traders can accumulate the stock in range of Rs 620-630 for the target of Rs 690 and a stop loss below Rs 580.
Disclaimer: The author is a Senior Research Analyst, SMC Global Securities Ltd. The views and investment tips expressed by investment experts on moneycontrol.com are his own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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