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Godrej Properties (₹1,525.8)
Hovering around a demand zone
Godrej Properties’ stock, which bottomed out in March after taking support at ₹1,020, has been in an uptrend since then. It rallied past the ₹1,500-mark in June and marked a fresh 52-week high of ₹1,769 in July. But then, it saw a decline and it closed at ₹1,525.8 last week. Yet, the overall bull trend is valid and there is a strong support band of ₹1,480-1,500 against which the stock is expected to resume the rally.
In the short term, Godrej Properties is likely to retest the one-year high. So, buy now at around ₹1,526 and accumulate on a fall to ₹1,480. Place initial stop-loss at ₹1,390. When the stock rallies past ₹1,610, alter the stop-loss to ₹1,540. Move the stop-loss further up to ₹1,600 when the price touches ₹1,680. Exit at ₹1,750.
Indian Hotels Company (₹381.2)
At a range bottom
Indian Hotels Company’s stock price has been steadily gaining ever since it bottomed out in May 2020. Then, it took support at ₹65. In early May this year, the stock surpassed a resistance at ₹350 and continued the uptrend. However, after reaching the ₹400-mark, the stock seems to have lost traction. While there is no bearish trend reversal, the stock has been moving in the ₹380-400 range.
As it stands, the probability of the range holding true is high and that increases the chances of a rally from the current level — the range bottom. Hence, we suggest going long on the stock at the current level of ₹381 with stop-loss at ₹372. When the stock crosses over ₹390, tighten the stop-loss to ₹382. Liquidate at ₹400.
Whirlpool of India (₹1,578.3)
Signs of a bullish reversal
The stock of Whirlpool of India broke out of ₹1,500 a fortnight ago. There was a follow-through rally last week, indicating a strong upward momentum. Since the stock has been making higher highs and higher lows since February, it seems to be turning the long-term trend bullish. Least case, the stock is highly likely to touch ₹1,850. But there is a chance for a corrective decline to ₹1,450.
So, we recommend buying in three legs – go long now at around ₹1,578, add more longs if the price dips to ₹1,500 and accumulate further on a drop to ₹1,450. Initial stop-loss can be at ₹1,370. When the stock hits ₹1,685, trail the stop-loss to ₹1,620. Tighten the stop-loss further to ₹1,720, if the price rises to ₹1,775. Book profits at ₹1,850.
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