Techno Funda Research Report | Recommended Stock of the Week (12th December 2021)

Grasim started as a textiles manufacturer in India in 1947. Today, it is a leading global player in VSF and the largest chemicals (Chlor-Alkali) player in India. It is also the largest cement producer and diversified financial services (NBFC, Asset Management and Life Insurance) player in India through its subsidiaries UltraTech Cement and Aditya Birla Capital.

From last couple of week stock is trading with negative bias and continuous falling from 1880 level, earlier stock has break down rising wedge pattern on daily chart. Stock has completed downside target which was almost 1680 level. Last Friday stock has formed W pattern which is bullish price action in nature and developed very strong base on daily chart. Rsi has also confirmed that it can rebound from the current level. Going ahead we expect that stock has completed downside move and it can head towards 1860-1880 level, so one can initiate buy at current level with a stop loss of 1680 which was its previous resistance will act as now support and respected target seems up to 1860-1880 .Time frame should be 4-6 weeks.

Source: Capitaline Database, EWL Research, Company

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