Gitanjali Gems may rally to Rs 410: Agarwal

Gitanjali Gems may rally to Rs 410, says Shubham Agarwal, Motilal Oswal.

Agarwal told CNBC-TV18, “Gitanjali Gems we are also recommending a buy on that as well. If you look at the overall chart that has been forming wonderful rounding bottom scenario and recently we have seen that Rs 300 has been a very good base for the stock from where the stock has reversed.”
He further added, “For past some weeks we have seen that a consolidation was happening in a very narrow band and ultimately it has broke out from that upper band which was there at around Rs 360. So, today it’s very much obvious that we will get a close above that because it’s almost trading at Rs 369. So, that is a positive development we are looking that as a breakout point that has happened. So, we are taking a target of Rs 410 on the stock and the stop loss for the trade can be kept at Rs 345.”