Published on 3/06/2020 2:32:57 PM | Source: HDFC Securities Ltd

Technical Pick -Buy Gujrat Alkalies Daily Ltd For Target Rs. 385 - HDFC Securities

Posted in Broking Firm Views - Short Term Report| #Gujarat Alkalies and Chemicals Ltd #HDFC Securities #Trading Report

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Technical Pick - Buy Gujrat Alkalies Daily Ltd For Target Rs. 385 -  HDFC Securities

Technical Evidences

* Stock price has broken out from the downward slopping trendline adjoining the highs of 28-April and 13-May 2020

* Short term trend turned positive as stock price is trading above its 5 and 20-day SMA

* Daily RSI (11) oscillator has reached near benchmark level of 60, indicating sustainability of the existing trend

* Plus, DI is trading above Minus DI, indicating bulls are having an upper hand

* MACD is trading above the central line.

* Considering the technical evidences discussed above, we recommend buying the Gujarat Alkalies in two tranches, one between CMP of 326 and 328 and second at 310, for the targets of 360 and 385, keeping a stop loss at 300

Buy Gujrat Alkalies Daily Ltd @ 328-326 CMP 326  Target 360,385 SL 300


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