Gujarat Industries Power Company (₹98.2)

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Investo rswith a short-term perspective can buy the stock of Gujarat Industries Power Company (GIPCL) at current levels.

The stock has been on an intermediate-termuptrend since taking support at around ₹67 in September 2015. Key support at₹85haltedthestock’sdecline in the month of September 2016 and provided base. Subsequently, the stock resumed its uptrend and continued to move higher . While trending up, it breached its 21- and 50-DMAs and currently hovers wellabove them.

Last session, it surged 6 per cent breaking through a key medium-term resistance at ₹94. Both the daily and weekly relative strength indices have entered the bullish zone. Moreover, the daily as well as weekly price rate of change indicators feature in the positive territory.

Short-term outlook is bullish. The stock can continue itsupmoveand reach the price target of ₹102and₹105. Traders with a short-term view can buy the stock with as top-loss at₹96.

(Note:Therecommendations are basedontechnicalanalysis.There isariskof loss in trading.)

Published on October 31, 2016
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