Stock Picks : Buy Gujarat State Fertilizers & Chemicals Ltd For Target Rs.158 By ICICI Direct
Technical Observations
• The fertilizer stocks has been one of the key outperformers in the last one month and is seen constantly outperforming the broader market. Within the Fertilizer stocks we remain constructive on GSFC which we expect to outperform as it has generated a breakout above the falling supply line joining the highs of Apr22 (|198) and Aug22 (|171) signalling resumption of up move and offer fresh entry opportunity
• The breakout above the falling supply line is supported by strong volume of more than six times the 50 days average volume of 25 lakhs share per day highlighting larger participation at the breakout area
• The stock in the process also closed above the 200 days EMA currently placed around | 139 levels which will act as an immediate support for the stock
• The stock is likely to head towards | 158 levels in the coming weeks being the 61.8% retracement of the Aug-Nov 2022 decline (| 169-119)
• Among the oscillators the daily 14 periods RSI is in uptrend and is seen rebounding taking support at its nine periods average thus validates positive bias
BUY Gujarat State Fertilizers&Chemicals Ltd Range:146.00-149.00 SL:139.00 Target:158.00
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