Accumulate GAIL India on every dip: Sameet Chavan

Sameet Chavan of Angel Broking told CNBC-TV18, "Near to medium-term trend is clearly sideways but if we look at a broader prospective GAIL India is trading in an uptrend on monthly chart. The stock has retraced its major upmove from Rs 250-500-520 exactly by 61 percent. Hence around Rs 350-330 we are observing a strong support zone."

"With a near term view it would be very difficult to give a call but yes, with a broader view one can accumulate this stock on every dip, Rs 395-400 would act as an immediate resistance but once the stock surpasses this level then probably it could hit towards Rs 425-430 levels," he said.