Stock Idea - Gujarat State Fertilizers and Chemicals Limited By Choice Broking
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During the pandemic, the stock made a low at 29.80 levels in Mar'20 after that we witnessed a further reversal in the stock, recovered more than 200% in last one year from Mar’20 to Mar'21 and reached to its Pre-Covid levels, tested high at 107.35 on the first week of Mar’21. After a further correction from 107.35 to 80.05 levels, the stock has started to regain from April'21 and made a high at 127.15 in Aug'21.
Thereafter, the stock has corrected from 127.15 to 98.10, which was almost a 20% correction from the high. But in the last month i.e. Sep'21, the stock was in action hence we saw the recovery of more than 35% from Sep'21 to date.
In the recent month, the stock has also shifted above the May’2018 highs i.e.137.60 levels, which indicates the multi-year breakout in the counter.
On the daily chart, the stock has been trading in Higher Highs & Higher Lows formation with a spurt in Volume activities.
A momentum indicator RSI & Stochastic is also supporting the bullish trend for the near term.
Based on the above technical structure, we are expecting an upward move in the stock for the target of 155/165 levels while on the downside, the support comes at 125/130 levels.
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