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Investors with a short-term perspective can consider buying the shares of GAIL (India) Ltd. The stock has surged 2.5 per cent on Monday to move past an important resistance at ₹315. It has also managed to close decisively above this hurdle. The breakout above the 55-day moving average at ₹313 is an additional positive. The stock has been in a gradual uptrend ever since it recorded a low of ₹260.25 on August 25.
Monday’s strong rise is expected to boost the bullish momentum in the stock. Immediate resistance is at ₹320.5 — the 38.2 per cent Fibonacci retracement level. A break above this resistance can take the stock to ₹325 and ₹328. Traders with a short-term perspective can go long. Stop-loss can be kept at ₹315 for a target of ₹326. Support for the contract is at ₹313. The bullish outlook mentioned above will get negated if the stock declines below this support. Downward targets then are ₹310 and ₹308.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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