Stock Picks - Buy Gateway Distriparks Limited For Target Rs. 335 - ICICI Direct
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Technical Observations
The stock in strong up trend forming higher peak and higher trough in all time frame. It has recently registered a breakout above the previous major high of June 2017 (| 259) signalling resilience and continuation of the current up trend thus offers fresh entry opportunity
We expect the stock to continue with its current strong momentum and head towards | 335 levels in the coming weeks as it is the 80% retracement of the entire decline of CY 2015 to CY 2020 (| 405-63) placed at | 335 levels
The stock earlier during first week of May 2021 has registered a breakout above the rising channel in place since June 2020 as can be seen in the adjacent chart signalling strength and acceleration of the up move
The recent price rise is supported by strong volume of almost three times of the 50 weeks average volume of 14 lakhs share per week highlighting larger participation in the direction of trend
Buy Gateway Distriparks Limited @ 282.00-290.00 TGT 335.00 SL 264.00
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