Sameet Chavan of Angel Broking told CNBC-TV18, "One can buy GAIL India for a target of Rs 410. The stock has seen a massive price correction over the past few months but it appears that Rs 380 is now acting as a strong support. After forming a strong base around Rs 380, last week the stock gave a decent recovery towards Rs 400-410. It has been consolidating in narrow range since last four five days but we believe that Rs 385-390 would act as a strong support and the stock may give an decent upmove towards Rs 410 in next few trading sessions. Stop loss can be kept at Rs 383."
"One can short ITC with a stop loss of Rs 356 and target would be Rs 334. Recent bounce from the level of Rs 323-330 precisely halted around its 50 retracement level as well as the daily 89 exponential moving averages (EMA). Hence we believe that Rs 355-360 would act as a strong resistance zone. Yesterday on the daily chart we witnessed a narrow range body formation which is a sign of uncertainty. Going forward in next few days we expect near-term correction towards Rs 334 in ITC," he said.
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