Stock to buy for short term: Choice Broking has recommended Godrej Industries shares as its technical stock pick for short term. Godrej Industries share price traded higher on Monday, extending its rally for the seventh straight session. The stock gained as much as 0.78% to ₹1,178.30 apiece on the BSE.
Godrej Industries share price has witnessed a steady uptrend. The stock has gained over 5% in the past three months and more than 10% over the last six months. On a one-year basis, Godrej Industries shares have rallied 42%.
Over the long term, Godrej Industries stock price has delivered multibagger returns of 310% over five years, underscoring its value creation potential for long-term investors.
Stock to buy for short term
Choice Broking has recommended buying Godrej Industries shares for a duration of one month as it expects an upside potential of over 16%. It recommends buying Godrej Industries shares at ₹1,187, with a target price of ₹1,361, and suggesting a stop loss at ₹1,100. Godrej Industries share price target implies an upside potential of 16.4% from Friday’s closing price.
“Godrej Industries stock is showing strong bullish potential on the weekly chart, forming an inverted Head and Shoulders pattern that signals a potential trend reversal. The breakout is supported by rising volumes, adding conviction to the setup,” Choice Broking said.
According to the brokerage firm, a sustained move above ₹1,200 in Godrej Industries shares will likely confirm the breakout, paving the way for further upside. The stock is trading comfortably above its 20, 50, 100, and 200 EMAs, highlighting strength across all timeframes.
Momentum indicators are also supportive of this bullish structure. The Weekly RSI stands at 58.6, rebounding sharply from earlier lows, indicating a shift in sentiment from bearish to bullish. This reinforces the possibility of a sustained uptrend as momentum builds. The overall structure suggests Godrej Industries stock is transitioning from consolidation to a breakout phase, it noted.
It recommends traders to consider a buy-on-dips strategy around the ₹1,170 support zone, which could offer a low-risk entry point. For risk management, a positional stop-loss can be placed at ₹1,100.
On the upside, if the breakout sustains, Godrej Industries stock is well-positioned to retest and potentially surpass ₹1,361, offering a favorable risk-reward ratio for positional traders, it said.
At 10:30 AM, Godrej Industries share price was trading 0.18% lower at ₹1,167.10 apiece on the BSE.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
