Gujarat Gas Ltd

NSE :GUJGASLTD   BSE :539336  Sector : Miscellaneous

About Company: Gujarat Gas Limited (GGL) is a government company u/s 2(45) of Companies Act 2013. Formerly Known as GSPC Distribution Networks Limited(GDNL), GGL is engaged in the business of Natural gas in India. The business of natural gas involves distribution of gas from sources of supply to centers of demand and to end customers. GGL caters to its customers by providing CNG and PNG connections in domestic, Industrial, Commercial and Non commercial segments in the areas of South & Central Gujarat and Saurashtra.

News in Stock: CLSA on Gujarat Gas: The brokerage has downgraded the stock to ‘sell’ from ‘outperform’, with a target price of Rs 690. Though the Q1 show was strong, the performance may be tough to repeat, according to CLSA.

Daily Chart of GUJGASLTD:

Technical Outlook of Gujrat Gas Limited:

Stock on Friday, Aug 07, 2021 closed at 737.40 losing 4.49% on NSE. After the brokerage firm CLSA down stock from Outperform to sell. Though technical indicators have shown no signs of weakness yet but stock looks over bought on daily charts and a healthy correction is needed for the stock.

Huge selling pressure on the stock prices has been seen which may further continue for the next few trading sessions. Stock may remain under pressure. We recommend traders and investors in the stock to book profits and again renter on lower levels around support at 690-680. Till then wait for the better opportunity in the stock and let the prices settle around supports.