The
consolidation phase in Gail has come to an end with breakout from
formation of ‘falling wedge’ pattern on the daily chart. Hence forth the
positive momentum could accentuate further as stock has managed to
breach the resistance of Rs418 which corresponds to descending
resistance line of the ‘falling wedge’ pattern and also formed higher
high on the weekly chart. The stock is also showing a positive
divergence on the weekly chart, thus supporting buying argument in the
counter. We recommend buying GAIL above Rs418.5 with stop loss of
Rs408.5 for Target of Rs440. Duration 7 days.
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