Gladiator Stocks - Godfrey Phillips - ICICI Direct

Strategy

Buy Godfrey Phillips in the range of Rs. 950.00-985.00 for target price of Rs. 1140.00 with a stop loss of Rs. 840.00. Time Frame: Six months

Technical View

The stock has generated a resolute breakout above the falling supply line joining the highs of January 2020 (Rs. 1481) and August 2020 (Rs. 1092) signalling a reversal of the corrective trend and resumption of up move post a seven months higher base formation

The stock during the current week has also closed above the 52 weeks EMA highlighting strength. Structurally the stock has already taken 33 weeks to retrace just 61.8% of the previous five weeks rally (Rs. 732-1113) indicating robust price structure and a higher base formation

The breakout from the major falling supply line is supported by strong volume of double the 50 weeks average of 4 lakhs share per week highlighting larger participation in the direction of trend

We expect the stock to continue with its current up move and head towards Rs. 1140 levels as it is the 61.8% retracement of the previous major decline February-March 2020 (Rs. 1410-732) around 1140 levels

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_GladiatorStocks_GodfreyPhillips_Dec20.pdf

Shares of GODFREY PHILLIPS INDIA LTD. was last trading in BSE at Rs.1016.25 as compared to the previous close of Rs. 943.7. The total number of shares traded during the day was 63671 in over 4552 trades.

The stock hit an intraday high of Rs. 1040 and intraday low of 945. The net turnover during the day was Rs. 64491523.

Source : Equity Bulls

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