GAIL is in Strong Uptrend, Look for Buying Opportunities For Target as 515

GAIL (India) Ltd. being the largest gas produces in India is backed by its large gas assets. GAIL was listed on NSE on 2 April 1997. The daily chart suggests that there is some bearishness in the trend, so we are only looking for selling opportunity in this stock as long as it stays bearish, the pivot level is 440 so unless this stock closes above 440 we will be bearish. Selling GAIL futures below the 440 for the target of 400 in short term also placing our stop loss at the 455 level, the technical indicators are suggesting bearish outlook for the stretched period of time. A major selling may drive this stock to lower level, as nifty is also very bearish so we are expecting this stock to trend lower. However fundamentals are quite attractive and suggest for its long term bull run. This stock should be traded on Futures contract and it should be held for either target or stop loss. Also on weekly chart we see some support at the 437 level so one must watch it carefully before entering the trade. From investors point of view one can accumulate small quantity of this stock near the 400 level for long term (2 to 3 years) target of 770 and 900 levels.
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About Bhaveek Patel

Bhaveek Patel is a technical analyst and investor, his areas of interest includes stock market, forex, gold.



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