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Investors can book profits in Gujarat Industries Power Company at current price. It is evident from the chart of Gujarat Industries Power that it was on a steep medium-term uptrend from the August trough of Rs 58 to a high of Rs 125 touched in early November. However, the stock reversed direction from this peak and is currently in a short-term downtrend. The stock has recently moved below the medium-term up trendline as well as the 21-day moving average line. We also see that the weekly momentum indicator is correcting from its overbought levels. The trading volume is also declining. The penetration of the medium-term up trendline signifies that the stock has lost its upward momentum or potential to move higher in the short-term. Immediate resistance for the stock is present at Rs 115 and next resistance is at Rs 125 levels. Short-term investor can sell the stock with stop-loss at Rs 114. We expect the stock to decline further to Rs 92in the short-term.

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