'Target for Godrej Consumer Rs 255-260, stop loss Rs 292'

In a chat with ET Now, Mithil Pradhan, Market Analyst, talks about the outlook of Godrej Consumer.

Is Godrej Consumer your favourite pick? Would you still stay on the buy side after its acquisition of a Brazilian firm?

It is not my favourite pick but I definitely stay on the long side for this particular stock. This stock has been in an uptrend for quite a while. The pattern, the structure, the way the prices moved look like a five-wave rally in which a fifth wave is still pending. Traders can keep a stop loss of about Rs 292, that is the swing low, that is my stop loss point. Look at a target of Rs 355-360 on the upside in the immediate short term.