Buy Godrej Properties For 3 Months For A Target Of Rs. 2270 Suggest ICICI Direct

Benchmark indices in afternoon trade on January 18, 2022 traded weak with Nifty down by 40 points at 18,267, while the broader markets underperformed. Bank Nifty on the other hand defied trend and was up over 1 percent.

Meanwhile, research backed brokerage firm ICICI Direct has recommended to Buy Godrej Properties as its Gladiator Stock pick for 3 months for a target price of Rs. 2270. From the current price level of Rs. 1960, investors will be able to make 15.82% gains.

Godrej Properties: Channel breakout signifies restart of primary up trend

After logging healthy retracement over the last 3 months, the Nifty Realty index is witnessing an upmove. The brokerage reiterates its optimism on the stock of Godrej Properties as the scrip has registered a resolute breakout from falling channel that hints at the end of secondary corrective phase. Consequently this bodes well for recommencement of primary trend.

ICICI Direct comments on Godrej Properties

As per the brokerage the scrip offers fresh entry opportunity with favourable risk reward. "We believe the recent higher base formation above 100 days EMA has set the stage to resolve higher and head towards Rs 2270 in coming months as it is 61.80% retracement of October-December corrective phase (Rs. 2598-1766). The slower retracement indicates robust price structure that bodes well for extension of upward momentum", states the brokerage.

Disclaimer:

The above stock was picked from the brokerage report of ICICI Direct. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.

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