Gateway Distripaks may Gate-Crash Support

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NSE:GDL Gateway Distriparks: The company reported 84.9 per cent YoY fall in the net profit to Rs 9.7 crore for the quarter ended June 30 compared with Rs 64.1 crore reported in the year-ago period.

Technically after a steep fall, it has consolidated and ready to continue its bearish move towards 220-200 levels. Short at the current levels expect a first target of 250 and subsequently lower levels. Momentum and trend indicators are pointing towards bearishness over multiple time frames.

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