Long-term investors can buy Godrej Properties (₹1,816.85) at current levels. The stock has been in a strong uptrend since April this year. Key support is now in the ₹1,500-1,400 region. A fall below ₹1,400 looks less likely. The stock can rise to ₹2,400-2,500 over the next couple of quarters or even earlier than that. Thereafter one leg of corrective fall is possible. That can drag the price down to ₹2,000 or ₹1,800 but not beyond that.
A fresh leg of rally after that will have the potential to take Godrej Properties share price up to ₹3,000-3,100 in the third quarter of 2024. The price action since April this year slightly resembles the movement since April 2020. So this strengthens the bullish case for the stock to touch ₹3,000 next year.
Long-term investors can buy now. Accumulate if a dip to ₹1,650 happens. Keep a stop-loss at ₹1,150 intially. Move the stop-loss up to ₹1,350 as soon as the stock moves up to ₹2,350. Move the stop-loss further up to ₹2,450 when Godrej Properties share price touches ₹2,700. Exit the stock at ₹3,050.