Gujarat State Fertilizers & Chemicals posted a strong gap opening. They rose 18% on April 26, making them the biggest gainers in the Nifty500, although gains in the benchmark index and the broader market were modest. That added to a 3% gain in the previous session.

The stock formed a solid bullish candlestick on the daily bar chart on heavy volume, the highest in a single day this calendar year.

The one-day rally was so strong that it decisively broke its long-term downward-sloping resistance trendline adjacent to the April 5, 2022, and January 9, 2023 highs. Also, the stock is trading well above all key moving averages (21, 50, 100, and 200-day EMA – Exponential Moving Average).

The momentum indicator RSI (Relative Strength Index 14) shows a solid positive cross around 80. However, it is close to oversold levels on the daily chart and even a positive cross on the weekly chart.

MACD (Moving Average Convergence Divergence) is above the zero line and looks strong on the daily chart, and on the weekly chart, it is giving a positive cross but below the equilibrium line.

After the big run, we asked the experts what they thought of GSFC stock, and they were mixed.

During the session, the stock touched as high as Rs 151.70, the highest since December 16 last year, while a close above Rs 150 would be the highest since September last year.

It was trading at Rs 150.65 on the NSE, up 17.88% by 2:18 pm.