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Buy Gujarat State Pet; target of Rs 113: Aditya Birla Money
Aditya Birla Money is bullish on Gujarat State Petronet and has recommended buy rating on the stock with a target of Rs 113 in its August 8, 2011 research report.
Aditya Birla Money is bullish on Gujarat State Petronet and has recommended buy rating on the stock with a target of Rs 113 in its August 8, 2011 research report.
"Gujarat State Petronet, after opening sharply lower prices took support near the prior trend line breakout and 200-day EMA level of 100 and bounced back to close almost unchanged on Friday. The 14-day RSI is moving flat just above the equilibrium while the intermediate-term Stochastic (25/13/13) is trending up gradually indicating that uptrend from the June lows is still in force. Hence a break above the immediate resistance zone of Rs 106/107.40 could signal the conclusion of prevailing corrective phase and invite gains towards Rs 110 and then Rs 113 levels subsequently."
"On the downside, Rs 101 and then 99.75 act as immediate support levels. Only an early close below the latter would prolong the prevailing mixed tone for a while negating the expected gains. Buy GSPL initially above Rs 106 and then on any dips to Rs 104, with a closing stop of 102 for possible targets of Rs 110 and 113," says Aditya Birla Money research report.
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