“GAIL India has corrected sharply from its April 2012 high of Rs376 to a low of Rs304 last week. Since last few trading sessions, the stock has been moving along with the support of its short-term trendline. We believe the rebound from the above mentioned low is still in progress and further upside seems on the cards. The daily RSI is exhibiting positive divergences. We recommend traders to buy the stock for a target of Rs350 (50- DMA). Based on above mentioned observations, we recommend buy on GAIL above Rs326 with stop loss of Rs320 for an initial target of Rs338,” says IIFL research report.
Friday, May 25, 2012
Buy stocks of GAIL India; target of Rs 338
“GAIL India has corrected sharply from its April 2012 high of Rs376 to a low of Rs304 last week. Since last few trading sessions, the stock has been moving along with the support of its short-term trendline. We believe the rebound from the above mentioned low is still in progress and further upside seems on the cards. The daily RSI is exhibiting positive divergences. We recommend traders to buy the stock for a target of Rs350 (50- DMA). Based on above mentioned observations, we recommend buy on GAIL above Rs326 with stop loss of Rs320 for an initial target of Rs338,” says IIFL research report.
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