Buy Godrej Consumers for target of Rs 365: IIFL

MUMBAI: IIFL has advised traders to buy Godrej Consumers for target of Rs 365.

Godrej Consumers has been moving sideways and in a narrow range of Rs 337-Rs350 for almost a couple of weeks after rallying sharply from Rs 302 to Rs 372.

As of now, the stock is successful in adhering to its 50% retracement support corresponding at Rs 337 which earmarks inherent strength in the counter. After yesterday’s close above Rs 348, RSI signaled a positive crossover along with bullish piercing line pattern on candlestick. This dual confirmation is likely to trigger positive momentum in coming days. We advise buying the stock above Rs 350 with stoploss of Rs 344 for target of Rs 365,” the report said.