Buy Godrej Properties in the range of Rs. 900.00-922.00 for target price of Rs. 1065.00 with a stop loss of Rs. 840.00. Time Frame: Six months
The share price has been forming a higher base over past three months while sustaining above its long term 52 weeks EMA, placed at Rs. 855, indicating sturdy price structure. We expect stock to resolve out of ongoing consolidation (Rs. 830-955), which will confirm resumption of primary up trend. Thereby, offering fresh entry opportunity with favourable risk reward.
The stock has undergone broad based consolidation since beginning of CY18. During May-June, it has witnessed a sharp up move (Rs. 575-923). Since then stock has merely retraced 23.6% of this rally (Rs. 575-923), at Rs. 840 over past twelve weeks. The slower pace of retracement signifies robust price structure that has set the stage for next leg of up move
On the oscillator front, weekly MACD has resolved out of zero line and sustaining well above its nine period average. Thereby validating our bullish stance
In a nutshell, we expect the stock to resolve higher and head towards our target of Rs. 1065 levels in coming months as it the 80% retracement of February-May decline (Rs. 1189-575) placed at Rs. 1066
For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_GladiatorStocks_GodrejProperties_Sep20.pdf
Shares of Godrej Properties Ltd was last trading in BSE at Rs.915.2 as compared to the previous close of Rs. 903. The total number of shares traded during the day was 25820 in over 1320 trades.
The stock hit an intraday high of Rs. 927.95 and intraday low of 893.75. The net turnover during the day was Rs. 23646697.