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Buy GAIL India, target Rs 380: Nandish Shah

18 December, 2018 7:38 AM
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Buy GAIL India, target Rs 380: Nandish Shah

We recommend buying GAIL for the target of Rs 380 and keeping a stop loss at Rs 338, says Nandish Shah of HDFC Securities.

After forming multiple bottoms around Rs 330 levels, GAIL India reversed northward to close above its 5, 20 and 200-days Simple moving averages.

The stock price has also given bullish downward sloping trendline breakout, adjoining the highs of November 6 and December 4 on the daily chart by closing above the Rs 351 levels.

Oscillators and momentum indicators like RSI and MACD is showing strength on the daily charts. Oil & gas stocks are showing strength since the last few days and are looking good on the charts. Therefore, we recommend buying GAIL for the target of Rs 380 and keeping a stop loss at Rs 338.

Source: moneycontrol.com

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