Buy Gujarat Gas between Rs 751.40 & Rs 738. Stoploss at Rs 710 :: HDFC securities

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Current Observation:
 The attached daily timeframe chart of Gujarat Gas Company Ltd is indicating a broader formation of higher tops and
bottoms with interesting chart pattern. Recent low of around Rs.708 seems like the formation of new higher bottom
of the sequence.
 After showing gradual declines over the last 8-9 session, currently the stock price is making an attempt to move
above the upper consolidation area (brown down sloping trend line around Rs.758 levels). This price action could be
considered as a ‘bullish flag’ pattern, which is an uptrend continuation pattern.
 Today’s candlestick formation looks like bullish belt hold line, which is adding the possibility of upside breakout for
short term.
 Daily momentum like 14 period RSI has turned up afresh from 60 levels. From the current reading of 66 levels, the
daily RSI is expected to 75-80 levels for near term. This means sharp upside move is ahead for this stock for near
term.
 Positive overall chart pattern is suggesting a buying opportunity in Gujarat Gas Company Ltd for couple of weeks.

LINK

http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3010617