GUJGASLTD has retraced nearly 61.80 per cent from its lifetime high zone and has seen firm consolidation near the same from the past couple of trading sessions, suggesting the formation of a strong base. On the daily timeframe, the stock is hovering near to its 100 DEMA that historically has proved to provide strong support to the counter. On technical parameters, 14 period RSI has witnessed a positive crossover near the oversold region indicating a strong reversal signal in the counter. From risk-reward perspective, the stock looks lucrative from short to medium-term period.
BUY LUPIN LTD | TARGET: Rs 1,020 | STOP LOSS: Rs 900
LUPIN has corrected over 25 per cent from its 52 weeks high and is currently placed near its historical demand zone of 900 odd levels. In recent times, the stock has seen some resurgence from the same levels but lost its momentum in between. However, this could be seen as an early sign of reversal in the counter, and even from the risk-reward perspective, the stock is placed at a lucrative zone. Also the 14 period RSI has seen the reversal from the oversold region affirming the bullish stance in the counter.
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Disclaimer: Osho Krishan is senior manager – Equity Research at Anand Rathi Shares & Stock Brokers. Views are personal.
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