Double Bottom Breakout on Gujarat Gas Ltd

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Associates, these days the market state of affairs may be very panicked and unstable. Quick-term inventory merchants should not in a position to make a revenue and getting panic. The principle questions are What to do on this panic market? The place to speculate? The reply is brief time period merchants ought to have to attend for some days or they should choose a large-cap inventory solely with small danger. In any other case, they should shift from brief to long run with partial accumulation.

On this uneven market, we discovered one inventory that’s trying robust on a number of time frames. The inventory is Gujarat Fuel Ltd (NS:) which has robust fundamentals and the week + day chart has given a U-turn sign.

Month: In August 2021 inventory worth has made lifetime excessive and confirmed a reversal. From highs, the inventory has given a correction of 25-30% after which taken relaxation for 4 months. As a result of Russia-Ukraine conflict, costs are elevated and gasoline shares are damaged help. Gujarat Fuel Ltd got here into the earlier demand zone and taking a flip is an efficient signal of reversal i.e. Morning Star.

Week: On the medium-term chart, the inventory has taken help from 500 ranges and given a pleasant breakout with volumes. There’s a Double Backside affirmation on the chart. Subsequent provide zones are round 610/650/700 earlier than going to those ranges if we get a dip until 550-540 then good ranges to enter.

Day: On a every day chart, the inventory has given a breakout after quarterly outcomes and if we take a look at the outcomes then it is good than the expectation. Now the inventory is able to transfer in the direction of its 200 DMA and the inventory has good fundamentals.

ORIGINAL POST

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Disclaimer: The contents produced listed here are purely for instructional functions. They shouldn’t be construed as purchase/promote suggestions. I’m not a SEBI registered Analyst or Funding Advisor. Readers are suggested to seek the advice of their Funding advisor earlier than taking any choices primarily based on the above write-up.
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Double Bottom Breakout on Gujarat Gas Ltd

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