F&O Stock Looking to Reward Investors with ‘Massive Gains’!
Many stocks from the real estate sector are buzzing today. In fact, the index itself is up 2% to 459, by 2:39 PM IST, making it the second-best performing sector for the day so far. Investors can have a look at most of the stocks from this space if they want to find good long opportunities.
However, what’s looking the best to me is the chart of Godrej Properties Limited (NS:). The company is one of the most prominent real estate developers in the country, having a market capitalization of INR 35,899 crores. Although, the stock is not trading cheap, with a P/E ratio of 101.88, however, the daily chart is all set to propel the stock to even higher valuations.
Image Description: Daily chart of Godrej Properties
Image Source: Investing.com
After bottoming out around INR 1,131 in the last week of September 2022, the stock started to pare losses as investors gained the confidence to buy the stock around those levels. Soon, the bears were also taken aback seeing increasing pressure from the bulls and as a result, the stock gradually bounced ~16% off the lows.
The move on the upside was clearly in the form of a higher high and higher low which is a structural uptrend. Today, the stock surged past its previous peak of INR 1,319.9 which was marked on 15 November 2022. As this high has eventually been taken out today, the uptrend has resumed. However, it’s not just the stock’s movement that could work in the favor of the bulls, but the broader sectoral strength in this sector.
As said earlier, the entire sector is on the move, which is quite a healthy sign and generally gives more leeway in case you pick the wrong stock. This can be explained by the saying ”A rising tide lifts all boats”. Therefore an increasing sectoral strength helps most of the stock in that sector to deliver gains as sentiments improve. If you look at the chart of Nifty Realty, you could clearly see the continuation of the uptrend of the broader sector.
Above the hurdle of INR 1,320, the stock could rise to around INR 1,390 quite swiftly. On the downside, there is a strong support around the structural low of INR 1,250, which if broken, only then the trend should be deemed negative.
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Many stocks from the real estate sector are buzzing today. In fact, the index itself is up 2% to 459, by 2:39 PM IST, making it the second-best performing sector for the day so far. Investors can have a look at most of the stocks from this space if they want to find good long opportunities.
However, what’s looking the best to me is the chart of Godrej Properties Limited (NS:). The company is one of the most prominent real estate developers in the country, having a market capitalization of INR 35,899 crores. Although, the stock is not trading cheap, with a P/E ratio of 101.88, however, the daily chart is all set to propel the stock to even higher valuations.
Image Description: Daily chart of Godrej Properties
Image Source: Investing.com
After bottoming out around INR 1,131 in the last week of September 2022, the stock started to pare losses as investors gained the confidence to buy the stock around those levels. Soon, the bears were also taken aback seeing increasing pressure from the bulls and as a result, the stock gradually bounced ~16% off the lows.
The move on the upside was clearly in the form of a higher high and higher low which is a structural uptrend. Today, the stock surged past its previous peak of INR 1,319.9 which was marked on 15 November 2022. As this high has eventually been taken out today, the uptrend has resumed. However, it’s not just the stock’s movement that could work in the favor of the bulls, but the broader sectoral strength in this sector.
As said earlier, the entire sector is on the move, which is quite a healthy sign and generally gives more leeway in case you pick the wrong stock. This can be explained by the saying ”A rising tide lifts all boats”. Therefore an increasing sectoral strength helps most of the stock in that sector to deliver gains as sentiments improve. If you look at the chart of Nifty Realty, you could clearly see the continuation of the uptrend of the broader sector.
Above the hurdle of INR 1,320, the stock could rise to around INR 1,390 quite swiftly. On the downside, there is a strong support around the structural low of INR 1,250, which if broken, only then the trend should be deemed negative.