Tech Stars : Indian Oil Corporation Ltd And Godrej Consumer Products Ltd By Religare Broking
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Indian Oil Corporation Limited
TECHNICAL RATIONALE – We are seeing recovery in the oil marketing counters wherein IOC is showing relatively higher strength. It has recovered strongly after testing the support of short term moving average i.e. 20 EMA on the weekly chart and likely to inch gradually towards the record high now. We suggest creating fresh longs in the mentioned range.
Buy Indian Oil Corporation Limited CMP: 92.70, Initiation Range 92-93 , Stop Loss 89, Target 102
Godrej Consumer Products Limited
TECHNICAL RATIONALE - The FMCG pack is witnessing a mixed trend and Godrej Consumer is among the steady performers. It has respected the weekly trendline for the fifth time and inching gradually higher now. The chart pattern indicates recovery to strengthen in the coming weeks.
Buy Godrej Consumer Products Limited CMP: 1021.60, Initiation Range 1020-1024 , Stop Loss 990, Target 1085
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SEBI Registration number is INZ000174330
