In early March, Godrej Properties went to Rs 1,570 and then it saw a correction of more than 15 percent. Going by the data, it appears now that the phase of correction could be over.
On Monday, April 26, the stock moved up 4 percent. The total volume was double of what was seen in the previous 5 trading sessions, more than 10 lakh shares were traded on the NSE and delivery volumes were a bit higher.
So, what are the key levels to look at?
On the downside, it took support at a 20-day moving average (DMA) at around Rs 1,300-1,350 odd mark. The 50-DMA becomes crucial and that is close to Rs 50-60 away from current levels.
So around Rs 1,420 is a crucial level to look at on the upside and it can decisively cross that and maybe it can go to the highs seen in early March at Rs 1,570.
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