Godrej Properties found support at ₹155 in late January and mid-February 2014, following an intermediate-term downtrend. Traders with a shortterm perspective can buy this realty stock at current levels. The stock has reversed its direction, backed by reversal in momentum indicators such as daily moving average convergence divergence, relative strength index and price rate of change.
On Tuesday, the stock jumped over 5 per cent, decisively breaching its 21- and 50-day moving averages. Trading volume has been increasing over the last four sessions and on Tuesday it was six times the average volume. With the recent breach of 21- and 50-day moving averages, the stock’s short-term trend has turned positive. The shortterm forecast for the stock is bullish.
We expect the stock price to appreciate and reach our price target of ₹175 and then ₹178.5 in the ensuing trading sessions. Buy the stock with a stop-loss at ₹164 level.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)