Technical Analysis

Godfrey Phillips (₹1,128.4): Buy

Gurumurthy K BL Research Bureau | Updated on March 18, 2019 Published on March 19, 2019

The outlook for the stock of Godfrey Phillips is bullish. The uptrend in this stock has gained momentum ever since it breached the psychological level of ₹1,000 last week. It also gives an initial sign of the long-term downtrend in the stock getting reversed.

The stock surged over 5 per cent on Monday and has closed on a strong note. A key near-term support is at ₹1,075 which is likely to limit the downside. As long as the stock trades above it, there is a strong likelihood of the stock extending the current upmove to ₹1,220. The level of ₹1,220 is a crucial long-term trend resistance.

Traders can go long at current levels and also accumulate on dips at ₹1,105 and ₹1,090. Stop-loss can be placed at ₹1,070 for the target of ₹1,220. Revise the stop-loss higher to ₹1,155 as soon as the stock moves up to ₹1,170. The bullish outlook will get negated only if the stock declines decisively below ₹1,075. Such a break will trigger a pull-back move on the back of profit-booking. The stock can then fall to ₹1,000.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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