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The stock of Gujarat State Petronet surged 6 per cent on Tuesday, breaching a key resistance at ₹98. This rally gives traders with a short-term perspective an opportunity to buy the stock at current levels. Since taking support at ₹54 in February, the stock has been on an intermediate-term uptrend, forming higher peaks and troughs. The short-term uptrend that commenced last week has decisively breached the key resistances at ₹92 and then at ₹98.
The moving average convergence divergence and price rate of change indicators are featuring in the positive territory backing the uptrend. Those on the weekly chart are also featuring in the positive terrain, implying upward momentum. Our short-term outlook on GSPL is bullish. It can continue its short-term uptrend and reach the price target of ₹104.5 and then ₹106.5 in the approaching trading sessions. Buy the stock with a stop-loss at ₹98.3.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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