Trending Stock: Kamal market on the last day of the week! Which stock gave 6 percent return? –

Trending Stocks: Weakness in the broader markets continued on Friday as investors remained skeptical about weak global signals and the direction of the economy. Meanwhile, stock-specific action on D-Street continued as good quality midcap and smallcap stocks saw strong buying at lower levels. One such stock is Godrej Industries (NSE code – GODREJIND) which is up over 6% amid strong buying activity.

Technically, the stock has registered a strong price volume breakout from its consolidation pattern. After a nearly 12% correction from the recent swing high of Rs 489, the stock witnessed strong buying sentiment at the lows and moved above all its key short-term and long-term moving averages on the technical charts. Interestingly, the stock has formed a strong bullish bar with huge volume suggesting a fresh buy. Supporting the price action, the 14-day RSI (57.88) has seen a strong jump from the 40 level and indicates bullish strength for the stock. MACD is about to signal a bullish crossover TSI and KST indices are turning positive for the stock. In short, the stock has become technically strong, and we can witness an upward trend going forward.

Shares of GODREJIND hit a one-day high of Rs 460 on the NSE. Traders should keep a close eye on this stock in such a volatile market environment.

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