Technical Analysis

GNFC (₹293.1)

Yoganand D BL Research Bureau | Updated on January 12, 2018 Published on May 31, 2017

Investors with a short-term perspective can consider buying the stock of Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) at current levels.

Since taking support at around ₹70 in March 2016, the stock has been on a long-term uptrend until hit a new high of ₹322 in early May. After hitting ₹322, the stock was on a corrective decline till it found support at ₹270 last week.

The stock’s long-term uptrend-line and key short-term support arrested the fall at around ₹270. Strengthening the uptrend, the stock gained 4.6 per cent with above average volume on Wednesday. The stock has closed above its 50-DMA which is also a positive sign.

The short-term outlook is bullish for the stock. It can extend its uptrend and reach the price target of ₹305 and ₹311 in the ensuing trading sessions.

Buy the stock with a stop-loss at ₹287.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

Published on May 31, 2017

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