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Cash Market | Engulfing Bullish pattern expected on a monthly timeframe in GNFC

Moneycontrol Contributor   •

Daily, weekly, and monthly time frames are indicating a bullish bias after a breakout in GNFC

GNFC | The scrip was down 22 percent in the week gone by. Quarterly net profit came in at Rs 643.18 crore in March 2022 up 107.12% from Rs. 310.53 crore in March 2021. EBITDA was reported at Rs 946.52 crore in March 2022 up 82.17% from Rs. 519.59 crore in March 2021. Ruchit Jain of 5paisa.com feels that traders with exiting long positions can continue to hold with a stop-loss placed below the swing low of Rs 750, but fresh buying is not recommended here as the risk reward ratio is not favourable. The immediate supports for the stock are placed around Rs 777 and Rs 752 while resistances are seen around Rs 870 and Rs 900, he said.

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