Trade Spotlight: What should investors do with Godrej Properties & Hind Copper?

The Indian market was off to a strong start on December 17, as the Nifty50 surpassed 13,700 to hit a new high and the S&P BSE Sensex, too, climbed a new peak going past 46,800.

Sectorally, action was seen in consumer durables, healthcare, finance, and energy stocks while mild profit-booking was seen in utilities, FMCG, public sector, and realty stocks.

Godrej Properties, Hindustan Copper, and CG Consumer were some of the stocks in focus on December 16.

We have collated views of experts on what investors should do on December 17:

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Ashish Chaturmohta

Head of Technicals and Derivatives|Sanctum Wealth Management

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Expert: Ashish Chaturmohta, Head of Technical and Derivatives, Sanctum Wealth Management

Hindustan Copper: LTP: Rs 58.25| Can rally towards Rs 67

The stock was in a major downtrend for the last few years. It has now formed a bullish inverted head and shoulders pattern and has given a breakout on strong momentum.

It crossed the critical resistance level zone of around 50-52 levels with high volumes, indicating buying participation in the stock.

If the stock crosses and sustains above 61 levels, it can rally towards 67 and 71 levels. On the downside, support is seen at 55 and then towards 52 levels.

CG Consumer: LTP: Rs 362| Can move towards Rs 410 levels

The stock has seen major multi-year consolidation between 300 and 190 levels. Post breakout, the stock witnessed some consolidation and now it is gaining momentum.

The stock can now move towards 410 levels on the upside. On the downside, support is at 350 and then 338.

Godrej Properties: LTP: Rs 1348| Uptrend intact

The stock has been in a strong uptrend since the May low of 575. In the period between July and October, the stock saw consolidation at around 900 levels.

Since then, it has been in an uptrend and hit a new all-time high on Wednesday of 1,405.  As long as it sustains above 1,300, the rally can continue towards 1,500. On the downside, support is seen at 1,300 and then 1,260 levels.