Godrej Industries' stock is on the verge of a breakout from symmetrical triangle formation on the daily chart
BUY DIVISLAB | TARGET: Rs 3,720 | STOP LOSS: Rs 3,480
The stock has formed a hammer candle on the daily chart, which is considered as a bullish reversal pattern. The momentum indicators and oscillators have reached the oversold territory on the daily chart. It also reached the lower band of the Bollinger band which is likely to act as immediate support. Based on the above rationale, we can expect a strong pullback in the counter.
BUY PIDILITIND | TARGET: Rs 1,820 | STOP LOSS: Rs 1,730
The stock is in a secular uptrend and has formed a bullish Harami candlestick pattern on the daily chart which is considered as a bullish reversal forming. It is also making a higher top and higher bottom formation for the past few weeks which indicates every dip is getting bought into. It is also trading well above its short-term and long-term moving averages. The momentum indicator RSI and MACD are very well in the buy mode on the weekly time frame hints of a further momentum on the higher side.
BUY GODREJIND | TARGET: Rs 475 | STOP LOSS: Rs 420
The stock is on the verge of a breakout from symmetrical triangle formation on the daily chart. The recent volumes are higher than average hints at a big move in the counter. The conservative target of the above pattern is coming around 475 levels. It is also trading well above its short-term and long-term moving averages. The momentum indicator RSI has reversed from the oversold territory and MACD has provided a fresh buy crossover on the daily chart hints of a further momentum on the higher side.