Stock Picks - Buy Gujarat State Fertilizers and Chemicals Ltd For Target Rs. 129 - ICICI Direct
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Technical Observations
* The stock has recently registered a breakout above the falling channel containing the corrective decline of the last three weeks signalling resumption of up move and offers fresh entry opportunity
* We expect the stock to maintain positive bias and head towards | 129 levels in the coming weeks being the 123.6% external retracemen
* The stock has recently rebounded taking support at the confluence of the 50 days EMA (currently at | 105) and the recent breakout area as can be seen in the adjacent chart signalling a positive price structure
* Among the oscillators the daily 14 periods RSI has recently generated a bullish crossover above its nine periods average thus validates positive bias
Buy Gujarat State Fertilizers and Chemicals Ltd @ 115.00-118.00 TGT 129.00 SL 108.00
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