Investors with a short-term perspective can buy the stock of Godrej Properties at current levels. The stock has been on a medium-term uptrend since taking support at ₹462 in early October 2018.
While trending up, the stock had emphatically breached the key resistance levels of ₹600 and ₹650. Moreover, in early January, the stock decisively surpassed its 200-day moving average and a key barrier at ₹700 with good volume. Reinforcing the uptrend, the stock jumped almost 4 per cent accompanied by above average volume on Thursday.
The stock trades well above its 50- and 200-day moving averages. . The daily relative strength index is hovering in the bullish zone and the weekly RSI has entered the bullish zone from the neutral region. Both the daily and weekly price rate of change indicators feature in the positive terrain implying buying interest.
Overall, the short-term outlook is bullish for the stock. It can continue to trend upwards and reach the price targets of ₹790 and ₹810. Traders can buy the stock with a stop-loss at ₹748.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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