GNFC’s (Gujarat Narmada Valley Fertilizers and Chemicals) share price witnessed a sharp rally on Wednesday and broke out of a notable resistance at ₹575. This upswing resulted in the stock moving above a falling trendline resistance, increasing the chance of rally.
Read more: Why you should accumulate GNFC shares now
Even though the stock declined on Thursday, the uptrend seems to retain the momentum. The chart shows that we are likely to see a rally from here, especially on Friday, and there is a potential for the stock to appreciate to ₹600. Hence, we recommend buying the stock of GNFC at the current level of ₹579 and buy more if price softens to ₹568. Place stop-loss at ₹555. Liquidate the longs at ₹600 since it is a resistance against which the stock might see a correction in price.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)