GODREJ AGROVET LTD (NSE: GODREJAGRO) is about to break to the upRight now, it is completing a descending triangle breakout, which is a bullish pattern.
The stock has been consolidating for the past 7 months in a tight range, building strength for a breakout.
All important levels have been marked on the chart.
Looking at the chart, we can say that if the price breaks to the upside, there is a high probability that the stock will reach the ₹999 target.
For the past few days, volume has also been quite good. If we enter the stock at ₹799, we can achieve the target with
Risk: Reward :: 1 : 4.31.
Support Levels:
🔹 ₹753 – Strong support zone
🔹 ₹741 – Previous low acting as support
🔹 ₹716 – Secondary support in case of a pullback
Resistance Levels:
🔹 ₹799 – Immediate breakout level
🔹 ₹876 – Previous high acting as resistance
🔹 ₹999 – Final target zone
Reasons:
✅ Consolidation for 7 months, leading to a strong breakout setup
✅ Descending Triangle Breakout
✅ Support at ₹753 holding strong
✅ Wait for RSI to cross 60 for confirmation
✅ Successful breakout attempt after months of consolidation
✅ High volume surge, indicating strong buying interest
✅ Price > 50-day & 200-day EMA (bullish signal)
Verdict:
Bullish
Plan of Action:
Enter once the breakout is confirmed to the upside.
BUY: ₹799
Stoploss: ₹753
Target: ₹999
Trailing SL: ₹30
Long