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The stock of Adani Gas jumped 5.6 per cent accompanied by above average volume on Thursday, decisively breaking above a key resistance at ₹110.
After a medium-term downtrend, the stock recorded a 52-week low at ₹76.6 and took support in late March this year. Since then, the stock has been trending upwards.
Interestingly, the stock has also conclusively breached its 21- and 50-DMAs and trades well above them.
Overall, the short-term forecast is bullish for the stock. It has the potential to trend upwards and reach the price targets of ₹117 and ₹119 in the ensuing trading sessions. Traders can buy the stock with a stop-loss at ₹109.5.
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