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The stock of Gujarat Gas jumped 10 per cent on Thursday, breaking above a key immediate resistance at ₹222. After a short-term downtrend from the key resistance level of ₹300, the stock found support at around ₹190 on Tuesday. Subsequently, the stock changed direction triggered by positive divergence in the daily relative strength index.
The 200-DMA at around ₹210 is cushioning the stock.
Taking a contrarian stance, the short-term outlook appears to be bullish for the stock. It can extend the ongoing corrective rally and reach the price targets of ₹242 and ₹250 in the short term. Traders can buy the stock with a stop-loss at ₹225 levels.
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