Technical calls by HDFC Securities: Buy Godrej, RBL Bank

Nifty outlook and top trading ideas by Vinay Rajani - Technical Analyst, HDFC Securities:

Buy Godrej Ind (648.65)

Target: Rs 715

Stop loss: Rs 580

The stock price has broken out from the downward sloping channel on the weekly chart. It is placed above all the important moving average parameters, indicating a bullish trend.

Higher Tops and Higher bottoms formation on the weekly charts which is a bullish sign. The stock price has been taking support on its 50-week exponential moving average (EMA).

Oscillators and indicators like RSI, ADX, and MACD have been trading bullish on the short-term charts. Considering the technical evidence discussed above. We