GODREJIND is one of the strong counters in FMCG space. It’s been consolidating in a broader range for last 10 months or so while holding firmly above the support zone of 100 EMA on weekly chart. Currently, it’s trading on the verge of breakout from the same. We advise traders to use this buying opportunity and create fresh longs as per the mentioned levels.
L&T Finance Holdings Limited
Last Close: Rs 176
Initiation range: Rs 170-174
Target: Rs 190
Stop loss: Rs 165
L&TFH has retraced marginally after retesting hurdle around 185 however we believe it’s just a pause prior to breakout. The chart pattern combined with positioning of confirmation indicators is clearly pointing towards breakout in near future. Traders shouldn’t miss this opportunity and accumulate in the given range.
Last Close: Rs 2,669
Initiation range: Rs 2,630-2,660
Target: Rs 2,860
Stop loss: Rs 2,540
PEL has recently witnessed breakout from its corrective phase and currently hovering in a narrow range, indicates consolidation. Keeping in the mind the past trend and overall chart structure, it’s an excellent opportunity to create fresh longs.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.