Stock of the week - Grasim Industries Ltd For Target Rs.2050 By GEPL Capital
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Grasim Industries Ltd
Observation
* Grasim on long term charts is moving with a higher highs and higher lows formation suggesting the long term bullish trend of the stock is intact.
* In the recent correction, Grasim corrected nearly 16% and took support at 61.8% Fibonacci retracement level (1430- 1893 retracement level) after which the stock has bounced sharply from the supports.
* On weekly charts stock is continuously bouncing from the 20 week SMA support.
* Current week the stock has broken the previous swing highs and formed a Bullish Marubozu Candle.
* On the indicator front the RSI has formed a bullish Hinge near the 50 mark suggesting Bullish momentum in the stock.
Inference & Expectations
* Grasim is moving higher after a correction.
* The technical parameters and the indicators mentioned above, point towards the possibility of increasing bullish momentum in the trend
* We expect this momentum to take the prices towards 1900 (Life High) followed by 2050 (100% retracement from 1430- 1893 levels)
* On the downside the 1720 mark will act as a support zone. If this level is breached on closing basis our bullish view will be negated.
* One can buy Grasim at current levels with a target of 1900 and 2050 with a strict stop loss of 1720 on closing basis.
Grasim Industries Ltd : LTP : 1797.65 Target: ₹2050 Stop Loss : 1720
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