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Investors with a short-term perspective can consider buying the stock of Godrej Industries at current levels. On Thursday, the stock gained 3.6 per cent with above average volume, breaking through a key resistance in the band between ₹395 and ₹400. So far, the stock has jumped almost 9 per cent this week, witnessing buying interest.
Following a short-term downtrend, the stock found support at around ₹367 in late November. Triggered by positive divergence in the daily relative strength index, the stock reversed direction after taking support at around ₹370. The near-term trend has been up over the last two weeks for the stock. It trades well above its 200-DMA. With the on going upmove, the stock appears to have resumed its primary uptrend. The stock can extend its current upmove and reach the price target of ₹426 and ₹435 in the ensuing trading sessions. Buy the stock with stop-loss at ₹401.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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