*Godrej Industries (Rs 176.1): Buy * **
** ** ** ** ** ** ** ** We recommend a buy in the stock of Godrej Industries from a short-term horizon. After recording a 52-week high of Rs 218 in December 2009, the stock was on a medium-term downtrend until it found support at Rs 140 in late March 2010, that is a significant long-term support. The stock once again took support from this band in June and started to move higher. It conclusively breached its 50-day moving average as well as the medium-term downtrend-line in mid-June, signalling the start of fresh up move. However, after pausing around its 200-day moving and short-term resistance at Rs 170 for a week, the stock penetrated this hurdle by jumping 5 per cent on July 8. We notice that the stock's ongoing uptrend is backed by good volume during its advance days. Both daily relative strength index and moving average convergence divergence indicators feature in the positive territory. The weekly RSI and MACD are on the brink of entering into the positive territory. Our short-term outlook on the stock is bullish. We expect the stock to rally until it hits our price target of Rs 184 or Rs 190 in the short-term. Traders with short-term perspective can buy the stock while maintaining stop-loss at Rs 169. Yoganand D http://www.thehindubusinessline.com/2010/07/09/stories/2010070953621100.htm -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
