The short-term outlook for the stock of GAIL (India) is bullish. The stock has been moving up consistently since the beginning of this week. The 1.4 per cent rise on Thursday, the stock well above the 200-Day Moving Average (MA), currently poised at ₹95. It also strengthens the uptrend that has been in place since October this year. The 200-Day MA at ₹95 will be a good support now and can limit the downside.
A fall below it is unlikely. GAIL can rally to ₹104 over the next two-three weeks. Traders can go long now and accumulate at ₹96. Keep the stop-loss at ₹93.5. Trail the stop-loss up to ₹99.5 when the stock moves up to ₹101. Move the stop-loss further up to ₹100.5 when the stock touches ₹102. Book profits at ₹103.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)