Buy Godavari Power & Ispat for target of Rs 310: India Infoline

MUMBAI: India Infoline has advised traders to buy Godavari Power & Ispat for target of Rs 310.

“On Thursday, Godavari Power & Ispat surged sharply on impressive volumes above its critical resistance levels of Rs 275-280. It now faces a resistance at Rs 308-310 levels and should have a minimum upside till that level. Our argument is further validated after the stock gave an upside breakout on Thursday’s session as the price broke through the top of a trading range.

Moreover, the stock has given a close above its short-term moving averages. We recommend traders with high risk appetite to buy the stock in the range of Rs 285-290 with a strict stoploss of Rs 278 for an initial target of Rs 310,” the report said.

Note: Trading idea valid for time-period of 1-3 days.