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Investors with a short-term perspective can buy the stock of GP Petroleums,a subsidiary of Gulf Petrochem Group. This smallcap stock broke out of a narrow trading range between ₹55 and ₹65 in early September. Since then, the stock has been on a medium-termuptrend.
After an interim correction from around ₹90, the stock found support at ₹77 in mid-October and resumed its medium-term uptrend. On Tuesday, the stock surged 9.5 per cent, conclusively breaking out of a significant resistance at ₹89.The stock trades well above its 21- and 50-DMAs. Both the daily and weekly relative strength indices are featuring in the bullish zone backing the stock’s upmove. Likewise, the daily and weekly price rate of change indicators are hovering in the positive territory implying buying interest. It can extend its uptrend and reach the price target of ₹99 and ₹102 in the coming trading sessions.
Traders can buy the stock with a stop-loss at ₹ 92.5.
(Note:The recommendations are based on technical analysis.There is a risk of loss in trading )
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