Monthly Choice: Godrej Consumer Products by Choice Broking Ltd
GODREJCP is currently trading near Rs 1,085, having recently experienced a throwback from its record high levels. On the weekly time frame, the stock remains in a long-term uptrend, consistently forming higher highs and higher lows. This throwback has brought the stock toward a key demand zone, where it is now taking support and showing early signs of a potential reversal.
The RSI on the weekly chart is at 32.5, rebounding from the oversold zone, which indicates a strengthening reversal signal. Additionally, GODREJCP is trading near its long-term 200-day EMA, a critical support level, and is beginning to show a reversal from this point. This bounce is expected to push the stock higher to test its short-term (20-day) and medium-term (50-day) EMA levels, further confirming the recovery momentum.
At the current level of Rs1,085, the stock presents a buying opportunity for traders, with a stop-loss set at Rs 1,010 to manage risk. On the upside, the stock is well-positioned to achieve a target of Rs 1,235, aligning with its broader uptrend and reversal indicators. This setup provides a favorable risk-reward scenario for positional trading.
Buy Godrej Consumer Products @ 1085 with a target of 1235 and a stop loss at 1010
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