Go long in Godrej Industries: Navneet Daga

Navneet Daga of KR Choksey Securities is of the view that one may go long in Godrej Industries.

Navneet Daga of KR Choksey Securities told CNBC-TV18, " Godrej Industries has been in a consolidation range of Rs 280-320 kind of zone. Now, it is threatening to breakout above that range. Yesterday volume action and open interest data had suggested that very heavy long built up has been visible, nearly 20 percent odd futures open interest long built up also visible. So, combining both the technicals and derivative data, it is looking likely that the stock might head for another 5-7 percent from here on."

He further added, "One can initiate long positions at this point of time at somewhere near to Rs 315-318 zone in the futures market and ride upside momentum towards Rs 340 with the downside stop loss of Rs 307."

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