Todays Pick

GNFC (₹435.85): BUY

Gurumurthy K BL Research Bureau | Updated on September 27, 2021

The upmove in the stock of GNFC is gaining momentum. The stock had begun the week on a strong note and surged 7.4 per cent on Monday. This confirms the end of the corrective fall that was in place since May this year.

The outlook is bullish. Immediate support is at ₹423. A deeper and strong support is at ₹395. There is room for the stock to move up to ₹525 from here in the next oneor two months.

Traders with a short-term perspective can go long at current levels. Accumulate longs on dips at ₹425 and ₹405. Stop-loss can be placed at ₹380. Trail the stop-loss to ₹445 as soon as the stock moves up to ₹470. Move the stop-loss further up to ₹470 as soon as the stock moves up to ₹500. Book profits at ₹515.

The bullish outlook will get negated only if the stock falls below ₹395. In such a scenario, the stock can fall to ₹350 and ₹320 going forward. But such a fall looks unlikely as the stock is likely to find fresh buyers on dips around the psychological level of ₹400.

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

Published on September 28, 2021

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