May 13 2024, 08:43
Stock Radar:FMCG stocks in action range:Godrej Consumer to fresh record high:
GCPL shares moved in a range from February 1, when it hit a high of around Rs 1,300, and since then, the stock has been in a consolidation mode on the daily charts. The stock found support above Rs 1,100 levels. Short-term traders can look to buy the stock now for a target above Rs 1,500 in the next 6-7 weeks, suggest experts.
Godrej Consumer Products, part of the FMCG pack, witnessed a swift price action in the week gone by, pushing the stock price to hit a fresh record high, and the chart pattern suggests that the rally may not be over yet.
In terms of price action, the stock is trading well above most of the crucial short and long-term moving averages, such as 5, 10, 30, 50, 100, and 200-DMA on the daily charts.
"Over the past three months, Godrej Consumer Products stock had been consolidating within a range of 1,150-1,300 levels, with prices consistently staying above its 200-day exponential moving average on daily and weekly charts," Shitij Gandhi, Senior Technical Analyst, SMC Global Securities, said.
source:et
May 13 2024, 09:28