In the previous session, the Nifty index opened on a strong positive note and once again marked a new lifetime high near 18197 levels. The market remained in a positive territory throughout the day. Technically, the Nifty index formed a bullish candle on the chart which indicates strength in the market. Hence, we recommend approaching the markets in a positive way.
Look at the below research report of ‘Stocks to Buy for – Thursday, October 14, 2021’ before the market opens.
NSE :GODREJCP BSE :532424 Sector : FMCG
In the daily time frame, GODREJCP share prices are moving in the initial stage of the ‘Double Bottom’ formation. In the previous session, stock made a strong bullish candle on the chart and closed with a gain of 3.10%. As per Band Bollinger indicator, Prices are comfortably closed above the Middle Bollinger Band which suggests positive bias for the short term.
We have plotted Parabolic SAR on the chart. The Parabolic dots are moving below the prices which indicates that stock is now in uptrend. This indicator is most useful in terms of Entry and Exit levels in any stocks for trading purposes.
As the chart looks attractive, one can initiate buy and accumulate this stock near 1057-1058 levels. As per Fibonacci Projection, we can expect it to reach a target of 1085/1135 levels which is 61.8% and 100% of Fibonacci levels. This outlook is valid as long as we do not see any closing below Parabolic SAR support.
Check More Analysis on GODREJCP at: Godrej Consumer Products Ltd