Geojit flags 'Rising Channel' pattern in GPIL stock since 2 yrs; what next?

Godawari Power and Ispat (GPIL) stock is seen trading within a well-defined 'Rising Channel' structure since 2024, highlighting a strong underlying uptrend, says Anand James of Geojit Investments.

Godawari Power and Ispat Limited (GPIL) stock has rallied 6 per cent thus far in August, while the broader Nifty 500 index added 0.3 per cent. In the last on year, the stock rallied 11.3 per cent as against a 1.7 per cent gain in the Nifty 500.  As of 11 AM on Friday, GPIL traded with a marginal gain of 0.3 per cent at ₹248. The stock registered its 52-week high at ₹320 on May 20, 2026, and a 52-week low of ₹216 on August 20, 2025.  At current levels, the stock trades 22.5 per cent away from its 52-week high, and nearly 15 per cent higher compared to its 52-week low. Anand James, Chief Market Strategist at Geojit Investments Limited is bullish on the stock and expects it to rally up to 13 per cent from current levels given the favourable chart set-up.  Here's a technical outlook on GPIL by Anand James of Geojit Investments  Godawari Power and Ispat Limited (GPIL)  Current Market Price: ₹248  Analyst View: Buy  Target Price: ₹280  Stop Loss: ₹239 

 

 

  Anand James notes that GPIL trades within a well-defined 'Rising Channel' structure, which has been in place since 2024, highlighting a strong underlying uptrend.  James reckons that the recent bounce from the lower band of the channel near ₹227, indicates buying demand at key support levels and reaffirms the channel structure.  ALSO READ | IFCI, ACE: Analyst identifies 2 stocks with 'Bullish Flag & Pole' pattern  The analyst also sees positive signs emerging from key momentum oscillators.  "Momentum indicators are also showing signs of improvement, with weekly Moving Average Convergence-Divergence (MACD) histograms displaying exhaustion of bearish momentum, suggesting that the corrective phase may be nearing completion," explains James.  Adding that, the Relative Strength Index (RSI) has gradually shifted from the 40-50 zone to the 50-60 zone, reflecting strengthening momentum and improving buying interest.  The analyst believes that GPIL appears poised to extend its recovery as long as it sustains above key support levels. Based on the prevailing channel structure, James sees the next upside objective s placed around ₹280, which coincides with the 61.8 per cent Fibonacci retracement of the channel's recent swing high and low.  This implies a potential upside of around 12.9 per cent from present levels. The analyst reckons to keep a stop loss at ₹239 to manage downside risk.  Disclaimer: Views and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers' discretion is advised. Click here for analyst disclosures.