MEDIUM TERM STOCK - TIPSADITYA BIRLA MONEY RECOMMENDS TO BUY GODREJ INDUSTRIES

Aditya Birla Money is bullish on Godrej Industries and has recommended buy rating on the stock with a target of Rs 195/200 in its April 27, 2011 research report.

“Godrej Industries, prices are in a medium-term up trend from the February low of Rs 154 however have pulled back slightly and consolidating above the support zone formed by the 55-day and 200-day EMA over the last few weeks. Momentum in oscillators RSI (14) and Stochastic (14, 3, 3) is mixed to weak on daily charts but is positive on the weekly charts. Hence prices could witness minor dips towards the lower end of aforesaid support zone near Rs 180 remain in shortrun but are expected to turn positive towards Rs 194 and higher eventually.”

“On the upside, short-term falling trend line near Rs 186/187 acts as immediate resistance. Early break above it is likely to negate the possibility of further dips and turn the sentiments positive. Buy Godrej Industries initially above Rs 186 and on dips to Rs 182, with a closing stop of Rs 179 for a possible target of Rs 195/200,” says Aditya Birla Money research report. (SOURCE: MONEYCONTROL.COM)

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