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Published on 18/07/2019 10:50:31 AM | Source: Choice Broking Pvt Ltd

Buy Godrej Consumer Products Ltd For The Target Rs.697.05 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #FMCG #Godrej Consumer Products Ltd #Trading Report #Choice Broking

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* On a daily chart, the stock has formed a Bullish Engulfing Candlestick which is a Bullish Reversal formation and indicates an upside movement in the counter.

* Moreover, the stock has taken the support of its Downward Falling Trend line as shown in the chart which suggests a bounce back movement in the counter.

* Furthermore, the stock has started to trade above its 21 Hourly Moving Average which shows a positive rhythm in the counter.

* A daily momentum indicator RSI reading is at 43.80 level with a positive crossover which points out for a positive breath in the counter.

* Based on the above technical structure, we are expecting a good upside movement in the counter in few trading sessions.

 

Recommendation

Buy Godrej Consumer Products Ltd @637.90-644.35 Stoploss 618 Target 697.05 CMP 644.35

 

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