Grasim will be announcing its Quarterly Results today. Start of the day looks weak, giving a hint towards expected results. Corrections in the current up-move comes to 61.8 FR level, hence one can take an Intraday short trade for a target of 1100 with a stop loss of 1136.
The trend of the stock has been strong. At max, it can re-visit its recent low of 970, which should then be followed by a strong rally to see new all time highs. The price behavior is similar to what has happened earlier in the on-going upmove, so chances of it working seem high. Stop-loss would remain 970 and target would be anywhere around 2100.
Similar chart structure visible, because of which I think there are very high chances of the stock starting an up-swing from current price levels. The stock should see 1100 atleast going forward in a couple of months time.
A lot of selling pressure has been since since July end. Prices are now near its supports around 975. That level should be defended by buyers and we could first see 1010. Investors should hold to see a higher high above 1030.
Decent profit booking has been done after a good run, good positive start to the day suggesting strength coming back in the stock. Buy with a stop of 1370 for first target of 1425. Then 1500 is also a very bright possibility.