|Sell Range||525 – 515|
|Target||468 – 450|
|Duration||35 – 40 Trading Sessions|
|Potential Return^||9 – 13%|
|CMP#||Idea||Sell Range||Target||StopLoss*||Duration||Potential Return^|
|517.05||SELL||525 – 515||468 – 450||560||35 – 40 Trading Sessions||9 – 13%|
# CMP on April 18, 2019
* Maintain recommended StopLoss by daily closing basis.
Once 1st target hit, reset StopLoss at 493.
^ The returns are calculated based on CMP#
Based in Mumbai, Godrej Industries Limited was founded in 1988 manufactures and sells chemicals, oils, agricultural products. The company also works in real estate development, Finance & Investments and Others. For the quarter ended 31-12-2018, the company has reported a consolidated sales of Rs 2473.24 Crore, down -5.74% from last quarter sales of Rs 2,624.02 crore. Company has reported a Net profit after tax of -22.49 Crore in the latest quarter.
TECHNICAL OBSERVATIONS (WEEKLY)
- The stock hit a fresh all-time high of around 700 in July 2017. Since then we are witnessing the formation of ‘Lower Highs Lower Lows’, which is a negative sign as per ‘Dow Theory’.
- Overall trend and the broader pattern are bearish and past historical evidence shows every reactive pullback might be temporary in nature.
- On a weekly chart, the stock has been trading with its downward sloping trend line since last many months and it seems that it could continue with its ongoing move.
TECHNICAL OBSERVATIONS (DAILY)
- The stock has given downward breakout from a descending triangle pattern.
- The stock is trading well below its EMA-5, EMA-10 & EMA -20, indicating a strong negative trend for the stock.