Trade Idea of The Day - Godrej Properties Ltd Target Rs.65 - Religare Broking Ltd
Godrej Properties Ltd
BUY 23 NOV 1520 CALL SELL 23 NOV 1620 CALL Entry Range 32 – 36 Target 65 Stop Loss 24
Rationale
• On the daily chart, GODREJPROP is currently trading near a prolonged historical support zone of 1,440-1,470, where previous buying interest had emerged. The stock's ability to sustain this crucial demand zone could trigger a potential bullish reversal.
• The negative MACD histograms are fading, which indicates early signs of recovery. The RSI is hovering near the 30 mark, reflecting oversold territory. In the coming sessions, sustained recovery in momentum could support a potential rebound from current levels.
• The current price juncture offered a favourable risk-reward setup near its strong support zone. The immediate hurdle was placed at 1,590-1,620, and a sustained breakout above this range could strengthen the bullish momentum for further upside.
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