Top buzzing stock: Godrej Consumer Products Ltd
The stock of GODREJCP is bullish lately and has surged over 2.5% today.
Godrej Consumer Products Limited is engaged in the manufacture of personal and household care products. With a market capitalization of Rs 76000 crore, it is one of the strongest leaders in its segment. The stock is in limelight due to its recent run.
The stock of GODREJCP is bullish lately and has surged over 2.5% today. On the technical chart, the stock has surged above its 20-exponential MA and is currently trading at a day’s high. Since recording its prior swing low of Rs 667.10, the stock has gained over 11% in just three trading sessions. Moreover, the stock is inching near its double-bottom pattern breakout which lies at Rs 764. In the past few days, the stock has recorded above-average volume which happens to be greater than the 10-day and 30-day average volume, thus demonstrating larger participation.
The short term bullishness of the stock is quite justified considering its previous performance. In one week, the stock has gained over 7% and has outperformed the broader market and most of its peers.
Several technical indicators point towards the bullishness of the stock. The 14-period daily RSI has crossed above its prior swing high. Thus, the price and RSI both rising is a sign of bullishness. Moreover, the MACD histogram is rising steadily and indicates strong momentum. Interestingly, the Elder Impulse System has indicated the fresh buy signal.
Considering its strong price structure and volumes, along with past performance and bullish technical parameters, the stock is expected to trade higher in the coming days. It has strong potential to test its breakout level of Rs 764, following which it can test the levels of Rs 800 and Rs 820 in short to medium term. Moreover, it is a good candidate for swing trade as per the technical chart. Swing traders and positional traders can expect decent gains.
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