Business Daily from THE HINDU group of publications
Tuesday, Jun 17, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Tuesday, Jun 17, 2008 ePaper | Mobile/PDA Version | Audio |
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Stocks Markets - Recommendation
We recommend a buy in Gujarat State Fertilizers & Chemicals from a short-term perspective. It is clearly visible from the charts of Gujarat State Fertilizers & Chemicals that it had been on an intermediate-term downtrend from its January 2008 high of Rs 370 until it reached its June low of Rs 152. However, after finding support at around Rs 150 (a significant long-term support level) in the recent times, the stock began to move up. During this upmove, the stock conclusively penetrated the intermediate-term down trendline and its 21-day moving average. There is also an increase in trading volumes over the past two trading sessions.We believe that the stock will continue to move higher in the short-term. The daily Relative Strength index is rising towards the bullish zone. We notice a crossover in the daily moving average convergence and divergence and it is rising in line with the stock price, indicating bullishness. Our short-term forecast for the stock is bullish. We expect the stock to move upwards until it hits our price target of Rs 200 in the forthcoming trading sessions. Traders with short-term perspective can buy the stock while maintaining stop-loss at Rs 167. Yoganand D.GSFC net down 7% in third quarter More Stories on : Stocks | Recommendation | Fertilisers
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