MTF Stock Pick Buy Gujarat Alkalies and Chemicals Ltd For Target Rs. 475 - HDFC Securities
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MTF Stock Pick Buy Gujarat Alkalies and Chemicals Ltd For Target Rs. 475 - HDFC Securities
TECHNICAL OBSERVATIONS
* Gujarat Alkalies is in an intermediate uptrend as it has been making higher tops and higher bottoms for the last few months.
* After consolidating in a range between the 397-419 levels for the last few sessions, the stock has broken out of this range on Friday on the back of above average volumes. This augurs well for the uptrend to continue.
* Technical indicators are giving positive signals as the stock is trading above the 20 and 50 day SMA. Daily momentum indicators like the 14-day RSI have bounced back from oversold levels and are in rising mode now. This augurs well for the uptrend to continue.
* With the intermediate and long term technical setups too looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy. Our entry levels with stop loss and targets have been mentioned above.
Buy Gujarat Alkalies and Chemicals Ltd Up to 1-3 Months @ Buying Range 417-425 CMP 421.7 TGT 475 SL 400
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