Stock of the day : Buy Gail India Ltd For Target Rs. 126 - Religare Broking
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Gail India Ltd
* Gail has been maintaining uptrend since 2004 however the pace of rise is gradual, with intermediate corrective phases.
* Unlike other corrective phase, it slipped sharply lower in 2019, after forming a distribution pattern around its record high i.e. 110 levels and tested monthly support zone around 36 levels in March 2020. However, it rebounded equally sharp in the following year and inched closer to the previous record high in June, 2021.
* It has been trading in a consolidation band of 80-110 levels for the last two years and currently hovering around the upper band of the same. Indications are in the favour of a breakout soon. We thus recommend to accumulate in the mentioned range.
Buy Gail India Ltd CMP110; Range 110-111; SL 104; Target 126
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