: Buy "Pin It")
We recommend a buy in the stock of Gujarat State Petronet for a short to medium-term horizon.
It is apparent from the charts of the stock that following an intermediate-term downtrend from it September 2011 peak of Rs 113, the stock found support at Rs 62 in May this year. Since then, the stock has been on a nascent medium-term uptrend.
While trending higher, the stock moved sideways forming an ascending triangle pattern with horizontal line at Rs 75.
Last Thursday, the stock jumped 4 per cent breaking through the horizontal line as well as its 200-day moving average. We also see that there is an increase in volumes over the past three trading sessions.
The daily relative strength index is featuring in the bullish zone and weekly RSI is on the brink of entering this zone from the neutral region.
The daily moving average convergence divergence indicator has signalled a buy and is moving higher in line with the stock price, indicating upward momentum. Both daily and weekly price rate of change indicators are hovering in the positive terrain implying buying interest.
We are bullish on the stock from a short and medium-term perspective. We expect the stock to rally and reach our price target of Rs 81.5 or Rs 83.5 in the near-term with stop-loss at Rs 76.5.
Investors with a medium-term perspective can consider buying the stock with a target of Rs 90 and stop-loss at Rs 73.
Keywords: Gujarat State Petronet stock, RSI, Gujarat State Petronet chart, technical analysis of GSPL stock
Comments:
“The corruption was all pervasive in the present government and Modi has
been telling one lie after the other,” he said. Raising the issue of
appointment of lokayukta, he mentioned that the Modi government
challenged Governor’s decision in the court, fearing exposure of corrupt
practices by lokayukta.
Zadaphia who also spoke on the occasion alleged that the BJP has gone on
a drive to “extort” money ahead of elections. “While under world
gangsters like Dawood Ibrahim extorted money only from a handful people,
they are extorting money from 6 crore people,” he said
The leaders claimed that Gujarat is the only state in the country that
charges VAT on fertilisers
Gujarat Congress on Tuesday promised cut in petrol, diesel and CNG
prices and zero VAT on fertilisers if it is voted to power in the 2012
assembly election
Gujarat has been paying the highest taxes on fuel in the country. The
farmers in the state are heavily taxed. While Essar Oil has been given
an exemption of Rs 9,100 crore on VAT, the Modi government has recovered
taxes worth Rs 11,823 crore on petrol, diesel and CNG,” said GPCC
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