Todays Pick

Granules India (₹341.5): Buy

Yoganand D BL Research Bureau | Updated on April 19, 2021

Investors with a short-term perspective can buy the stock of Granules India at current levels. In March 2020, the stock took support in the band between ₹115-₹120 and began to trend upwards. Since then, the stock has been in an intermediate-term uptrend. However, after recording a 52-week high at ₹438 in December 2020, the stock started to decline. It had been in a medium-term downtrend until it found support at ₹300 in March this year. Subsequently, the stock changed direction and began to trend upwards.

Moreover, the stock has surpassed the 21- and 50-day moving averages and trades well above them. The daily relative strength index is likely to enter the bullish zone from the neutral region and the weekly RSI is trending higher in the neutral region. As the stock is showing signs of bullish momentum and the short-term outlook is turning bullish, it has potential to trend upwards and reach the price targets of ₹355 and ₹362 in the forthcoming trading sessions.

Traders with a short-term view can buy the stock with a stop-loss at ₹334 levels. (Note: The recommendations are based on technical analysis. There is risk of loss in trading.)

Published on April 20, 2021

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