Godrej Consumer Products is trading near 50-day SMA and the chart structure suggests a strong possibility of continuation of the uptrend in the near future
Sunil Shankar Matkar
April 08, 2022 / 07:21 AM IST
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// else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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Bears remained in control of Dalal Street for the third session, with the market losing a percent lower on April 7 following correction in other Asian markets amid caution ahead of the interest rate decision by the RBI’s monetary policy committee (MPC).
The BSE Sensex fell 575 points to 59,035 and the Nifty plunged 168 points to 17,639, while the broader markets also participated in the fall, with the Nifty midcap and smallcap indices declining a percent and third of a percent, respectively.
IT, metals, auto, financial service, and select banks stocks were under pressure on April 7.
Stocks that were in action include Bharat Electronics, which was the biggest gainer in the futures & options segment, rising 6.52 percent to Rs 234.35.
Godrej Consumer Products, which was the fourth-largest gainer in the derivative segment, climbed 3.87 percent to Rs 781, while Shree Renuka Sugars was locked in a 20 percent upper circuit at Rs 49.50.
Here’s what Shrikant Chouhan of Kotak Securities recommends investors should do with these stocks when the market resumes trading today:
Bharat Electronics
The stock has rallied more than 7 percent on April 7. On the short-term time frame, the stock has formed a promising price volume breakout formation.
The texture of the pattern suggests breakout action will continue in the near term if the stock succeeds to trade above Rs 224.
For the swing traders, Rs 224 could be the sacrosanct level. Trading above the same, we can expect an uptrend continuation wave up to Rs 250-258, however, below Rs 224 uptrend would be vulnerable.
Shree Renuka Sugars
On April 7, the stock made a fresh 52-week high of Rs 49.50. This month, so far, it has rallied nearly 40 percent. On daily and weekly charts, the stock is holding uptrend continuation formation, which is broadly positive for Shree Renuka Sugars.
However, on the short-term time frame, momentum indicators show that the stock is in the overbought zone and profit booking is not ruled out if it trades below Rs 45.
For the next few trading session, 45 would be the trend-decider level for the bulls. If it sustains above the same, we could expect the continuation of uptrend up to Rs 60-65.
On the flip side, dismissal of Rs 45 could possibly trigger a quick short-term correction to Rs 42-39.
Godrej Consumer Products
After a long medium-term correction, the stock took support near Rs 660 and bounced back sharply. After the reversal, on daily and weekly charts the stock formed a double-bottom formation, which is broadly positive.
The stock is trading near 50-day SMA and the chart structure suggests a strong possibility of the continuation of the uptrend in the near future.
We are of the view that as long as it is trading above Rs 748, which is short-term support zone, the uptrend formation is intact. Above the same, chances of hitting Rs 815-830 would turn bright.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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