Gladiator Stocks - Godfrey Phillips: ICICI Direct

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ICICI Direct's research report on Godfrey Phillips

Strategy

Buy Godfrey Phillips in the range of Rs 950.00–985.00 for target price of Rs 1140.00 with a stop loss of Rs 840.00. Time Frame: Six months.

Technical View

The stock has generated a resolute breakout above the falling supply line joining the highs of January 2020 (Rs 1481) and August 2020 (Rs 1092) signalling a reversal of the corrective trend and resumption of up move post a seven months higher base formation. The stock during the current week has also closed above the 52 weeks EMA highlighting strength. Structurally the stock has already taken 33 weeks to retrace just 61.8% of the previous five weeks rally (Rs 732-1113) indicating robust price structure and a higher base formation. The breakout from the major falling supply line is supported by strong volume of double the 50 weeks average of 4 lakhs share per week highlighting larger participation in the direction of trend. We expect the stock to continue with its current up move and head towards Rs 1140 levels as it is the 61.8% retracement of the previous major decline February-March 2020 (Rs 1410-732) around 1140 levels.

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