According to Pritesh Mehta, senior technical analyst at IIFL, GAIL India may test Rs 350 in the neat term.
Pritesh Mehta, senior technical analyst at IIFL told CNBC-TV18, "GAIL India recently saw correction from the levels of Rs 359 which brought the stock back to the level of Rs 320 which corresponds with its 200 moving average. It is a similar level from which the stock broke out in the third week of September."
"I believe that there is a trend reversal taking place on the daily chart as well as a buy signal is seen on the daily relative strength index (RSI). So, there is going to be upside possibility which will take the stock back to levels of Rs 350 in the near term," he said.
Disclosure: He may have recommended the stock to his clients.