(Short Term Cash)
November 16, 2016
Godrej Ind (NSE Cash)
BUY
` 365
` 379 - 383
` 414
14 - 21 Sessions
Weekly Chart
Source: Falcon (Chart Time: 10:30 IST)
Justification:
The stock has undergone a severe price correction over the past two months. In the process, the stock prices
corrected nearly 20% from recent highs. Due to this corrective move, the stock retested the daily ’89 EMA’
placed at 373 and then immediately bounce back sharply to reclaim the 380 mark on a closing basis. In
addition, this support zone coincides with the 61.8% Fibonacci retracement level of the previous up move on
weekly chart. The ‘Higher Top Higher Bottom’ on monthly chart is still intact and hence, this fall in prices can
be construed as a corrective move of the larger degree up trend. Considering these technical evidences, we
advice traders to buy this stock at current levels and on declines to `379 for a target of `414 in coming
14 - 21 sessions. The stop loss for this trade set up can be kept at `365.
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November 16, 2016
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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