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The outlook for the stock of Godrej Properties is bearish. The uptrend that has been in place since March last year has made a top. There is double-top pattern formation on the charts strengthening the case for a top in place and a steep corrective fall. The neckline of this pattern poised at ₹2,210 has just been broken on Thursday. The level of ₹2,210 can now act as a good resistance. The next hurdle will be at ₹2,280. As long as the stock trades below these resistances, the chances are high for it to fall towards ₹1,910-₹1,890.
Investors holding this stock can consider booking partial profits, may be 50 per cent of their holding at current levels. Watch the price action around ₹1,900 to re-enter the stock again if it bounces-back sharply from there. Traders can consider taking short positions with a stop-loss at ₹2,320. Trail the stop-loss down to ₹2,085 as soon as the stock falls to ₹1,985. Move the stop-loss further down to ₹1,990 when the stock touches ₹1,945. Book profits at ₹1,920. In case if the stock breaks below ₹1,890, then the correction could be steeper targeting ₹1,650-₹1,620.
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