Company profile: Grasim Industries Limited is a diversified operating company and part of the Aditya Birla group. The group manufactures a wide range of products, including Viscose Staple Fiber(VSF), cement, chemicals and textiles.
The recent correction is not necessarily bearish. Prices manage to hold around the substantial support zone 2930/2900. As long as it intact the recent correction is classified as counter trend within the larder uptrend. It is however imperative that the market does not close below 2900. Due to broader market pressure it is wise to postpone buying until the trigger at 3175 is taken out. 3510 then becomes the first target.
In short, could be an interesting buy but confirmation is needed.
- Primary trend: positive
- Outlook: correction in uptrend
- Support: 2930 / 2861
- Resistance: 3175 / 3510
Weekly chart Grasim Industries (NSE)