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Published on 2/10/2020 12:43:36 PM | Source: Religare Broking Ltd

Buy Gujarat Gas Ltd For Target Of Rs. 360 - Religare Broking

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Technical Outlook

* Gujarat Gas had been a steady mover in the initial phase as it failed to do much for four years (i.e. during 2015-2019) after its listing. It finally gained momentum in November 2019 and surged from roughly 190 levels to 310+ in just 4 months.

* In line with the broader correction, it also plunged sharply lower from its record high in February 2020 and tested the support zone of the medium-term moving average (100 EMA) on the weekly chart around 190 levels. It spent nearly a month in a range after that fall and witnessed an equally strong recovery and made a new record high at 334.40 in August 2020.

* It has been consolidating in a range of 285-330 zone for the last 3 months and currently trading in the middle of the band. Indications are in the favor of a steady up move from hereon. We thus advise accumulating it gradually, by buying at the current level (310.85) and adding more on any dip around 300 with a close below stop loss of 284 for the target of 360.

 

Technical Chart (Daily)

Buy Gujarat Gas Ltd @ 300-310.85 CMP 310.85 TGT 360 SL 284 

 

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