Published on 12/08/2020 12:09:34 PM | Source: ICICI Direct

Stock Picks - Buy Gujarat Gas Ltd For Target Rs. 345 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Gujarat Gas Company Ltd #Oil and Gas Sector #Trading Report #ICICI Direct

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Technical Observations

* The stock has registered a breakout above the last four weeks consolidation range of | 314 to 281 thus offering fresh entry opportunity

* The share price is in strong up trend and has recently rebounded after forming higher base around | 280 levels as it is the confluence of the rising 50 days EMA (currently at | 293), a rising trendline support joining lows since March 2020 (| 191) and the 50% retracement of the previous up move (| 230-328)

* The stock has already taken 29 sessions to retrace just 50% of the previous 24 sessions up move (| 230-328). A slower retracement signals a higher base formation and a positive price structure

* Among oscillators, the daily 14 periods RSI is in up trend and is seen taking support at its nine periods average thus supports the positive bias in the stock

* We expect the stock to continue its up move and head towards | 345 levels as it is the 138.2% external retracement of the last decline (| 328-281) placed at | 345 levels


Buy Gujarat Gas Ltd @ 310.00-317.00 Target 345.00 SL 298.00


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