Technical View – Godrej industries
Observation
• Godrej industries is finding support at 630 and resistance at 650. On Daily chart.
• On Daily chart, Godrej industries trading above 21 and below 55 days moving average which is at 641 and 633 respectively.
• Daily 14 period RSI has turned up from near 61 levels. As per the bullish high low theory of 40-70 levels, the weekly RSI is expected to move up to 70-75 levels from the current reading of 61. This could mean continuation of upside momentum in the stock price ahead.
• Break and sustain above 650 on closing basis will see nonstop rally in Godrej industries till 670---690++ in weeks to come.
• We believe the stock has the potential to move higher in the coming weeks as bullish breakout will be seen above 650 level.
Trading Recommendation
Buy Godrej industries in cash above 650 for the initial upside target of 670—690++ mark with stop loss below 630 on closing basis.
Buy Godrej industries in cash above 650 for the initial upside target of 670—690++ mark with stop loss below 630 on closing basis.
More will update soon!!
