Gujarat Gas Ltd
NSE :GUJGASLTD BSE :539336 Sector : Miscellaneous
As restrictions are being lifted gradually in many of the company’s operating areas, natural gas demand is likely to improve. Shares of Gujarat GasCompany continued their upward journey, hitting a new high of Rs 675 after they advanced 6 per cent on the NSE in intra-day trade on Thursday. In the past four weeks, the stock of the integrated oil and gas firm has rallied 32 per cent after the company reported a strong set of numbers for the quarter ended March (Q4FY21).
What’s Ahead? Technical Outlook of GUJGASLTD:
Stock is trading in an ”upward sloping channel pattern” as marked on the chart above. Today tested the channel resistance level at 675 and reversed from there. It’s a star performerming stock for the month of June 21 in F&O underlying. Stock has outperformed the Nifty. Comparative relative strength suggests the intermediate trend is intact and more upside is yet to be seen in the stock. A healthy correction seems to be possible in the next couple of trading sessions. We recommend short sell GUJARAT GAS LIMITED with stop loss of 676 for the targets of 627-624. If stock sustains above 676 stock is likely to rally more and we need to review chart structure and pattern in the stock.
