Buy Godrej Industries with stoploss of Rs 222: IIFL

MUMBAI: IIFL is of the view that a breakout has been confirmed from descending triangle in Godrej Industries. It has advised traders to buy the stock for target of Rs 222.

“After hitting intermediate peak of Rs 248 in September 2010, Godrej Industries has been consolidating in descending triangle having amplitude of Rs 24. Breakout has been confirmed from descending triangle above Rs 225 and simultaneously holding well above the short term and medium term averages.

RSI too has been building up significant strength which paves for decent upside till Rs 250 from current levels. We advise buying stock in the range of Rs 225-227 with stoploss of Rs 222 for target of Rs 240,” the report said.

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