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After bottoming out at ₹233.4 in May last year, the stock of Godrej Industries has been advancing and it registered a fresh 52-week high of ₹550 on Tuesday. The rally looks set to continue and, therefore, traders can consider short-term buy trades in this stock.
The stock that established the uptrend in May last year did not have a smooth sail. Though the price has more than doubled, the stock witnessed several price swings on both the directions, especially between July 2020 and January 2021. Nevertheless, the price level of ₹350 stood strong as a support and the price never went below this level since June last year.
While the stock began 2021 on a sluggish note, i.e., largely trading within ₹415 and ₹450, the breakout of this range in February resulted in the scrip appreciating steadily. It rallied past the psychological level of ₹500 before a couple of weeks and there is high chance of stock moving further up. So, traders can buy the stock with stop-loss at ₹525; target can be ₹575.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading)
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