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Momentum Pick Of Gujarat Alkalies & Chemicals Ltd For Target Rs.482 - HDFC Securities
* The attached weekly timeframe chart of Gujarat Alkalies & Chemicals Ltd indicates an upside bounce in this week, post volatile movement of the last week.
* We observe a formation of double bottom type pattern (also ‘W’ type formation) at the swing low of Rs 380 levels (brown dashed line).
*Technically, formation of such pattern after a reasonable declines could be considered as an important bottom reversal.
* The potential upside target of this pattern (Double bottom/W-type formation) could be watched at Rs 481-482 levels (green dashed line). Hence, this upside target could be achieved in the next few months.
* Weekly 14 period RSI is on the way towards upper 60 levels (currently placed at 52). This expected action of RSI could mean further strength in the upside momentum of the stock price.
*The overall chart pattern of GUJARATALKALI indicates a long trade setup. One may look to create long trading position as per the levels mentioned above.
Buy Gujarat Alkalies & Chemicals Ltd SL 404 Target 482 CMP 438.10
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