Stock Mantra: Up to 30% rally can be seen in this consumer goods stock, what do you have

Goodknight Mosquito Repellent & Cinthal Soap Maker Godrej Consumer Products So far in 2021, the shares of the company have seen a rise of 36 per cent. In the same period, Nifty-50 and BSE 100 have seen gains of 18 per cent. The company does business in more than 90 countries including India.

The market cap of Godrej Consumer Products is more than Rs 1 lakh crore. Analyst says that this stock can touch the level of Rs 1,300 in the next 3-4 months. The stock has gained more than 24 per cent in the last three months. In August, the stock was seen moving up from its 2018 swing high at Rs 970. The swing high is a technical indicator that indicates a price peak before a fall.

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This stock touched its high of Rs 1,063 on BSE on 23 August. Market experts say that if this momentum continues in this stock, then it can touch the level of 1,320, which will be 28 percent upside from its closing of Rs 1,029.15 on August 23.

The stock has given returns of more than 45x between 2008 and 2018. The stock went into a correction phase after the 2018 high. Rajesh Bhosle of Angel Broking It is said that last year its decline seemed to have stopped. Since then, the stock has seen a rise with increasing volumes. On the daily chart, its price is continuously showing in higher-top-higher-bottom price cycle and buying is seen in every fall. Now this stock has broken the swing high of 2018 which is a sign of further upside.

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Rajesh Bhosle has buy advice in this stock at current levels and if there is any dip towards Rs 960, stop loss of Rs 910 with a target of Rs 1,320.

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