Buy Gujarat Narmada Valley Fert. & Chem. Ltd For Target Rs. 770 By Religare Broking Ltd
Rationale
* The stock remained flat but added substantial OI to the tune of 99% though base was lower.
* Rollovers were at 90% which is significantly higher as compare to the previous series.
* Open Interest of 4700 contracts with some cash based accumulation seen in last 3 days of the series.
* With Plentiful Long Formation & Good Delivery Buying, the stock has the potential to see higher levels.
Technical View
* After a strong up move, the stock went into a corrective phase and consolidated in a broader range while holding up its gains.
* It recently registered a breakout of a descending triangle pattern with strong surge in volumes.
* However with some profit booking, it retested the level of its breakout zone while holding above its important moving averages.
* It has now rebounded higher with a follow-up rise in volumes suggesting strong potential on the upside.
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SEBI Registration number is INZ000174330
