Mumbai: The stock market is seeing a decline today i.e. on Friday. The market started with a decline on the last trading day of the week. However, despite the weakness in the market, some stocks are seeing a boom. On January 6, 2023, the global market is seeing a decline. Investors are skeptical about weak global cues and the direction of the economy. Meanwhile, D-Street saw strong buying in quality midcap and smallcap stocks at lower levels. One such stock is Godrej Industries (NSE code – GODREJIND). Due to strong buying in this stock, there has been a jump of more than 6% today.
Technically also the stock looks strong. The stock has shown a breakout from its pattern with a strong price & volume. After correcting almost 12% from its recent high of Rs 489, the stock is witnessing strong buying at lower levels. On the technical chart, the stock climbed above all its major short term and long term moving averages. Interestingly, the stock has formed a strong bullish bar with heavy volumes which suggests fresh buying. The 14-day RSI (57.88) in the technical charts has seen a strong bounce from the 40 level indicating increasing strength in the stock. The MACD is about to signal a bullish crossover. Whereas TSI and KST signals are looking positive for the stock. In such a situation, it can be said that the stock has now become technically strong. Now more speed can be seen in the coming time. You can add it to your portfolio to earn profits. This article is powered by Dalal Street Investment Journal, India’s No. 1 Investment Magazine. Click here to get regular updates about Winning Stocks and Recommendations.
(Disclaimer: This above is third party content and TIL hereby disclaims any and all warranties, express or implied, relating to the same. TIL does not guarantee, vouch for or endorse any of the above content or its accuracy nor is responsible for it in any manner whatsoever. The content does not constitute any investment advice or solicitation of any kind. Users are advised to check with certified experts before taking any investment decision and take all steps necessary to ascertain that any information and content provided is correct, updated and verified.)
