Buy GODREJIND above 620 with short term target of 690
The stock gave a breakout on the upside after breaking out from a downward corrective channel. This channel was formed when the stock entered a corrective phase and remained under broad consolidation. Weekly MACD continues to remain in a continuing buy mode. Weekly RSI remains neutral and is seen marking higher bottoms. The stock suffered a classical throwback post the breakout and is now seen attempting to resume its up move. A candle with a long lower shadow emerged after a throwback occurred. It remains significant as it emerged near the support level of 50-wMA. We may see stock seeing upward revision in prices over coming days. Any move below 575 will be negative for the stock.
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