Gujarat Narmada Valley Fertilizers and Chemcals Ltd.- UP-FLAG

GNFC Ltd. was in a consolidation since 2nd March 2021. The consolidation was preceded by an up rally. This has formed a price pattern UP-FLAG on a daily chart on this counter. The price gave an upward breakout on a daily chart on 27th April 2021 and closed at Rs. 349.50. I anticipate the price target of Rs. 446 and suggest the stop loss at Rs. 328 to be followed for the four daily candles starting from 28th April 2021. Thereafter the profit booking/ exit decision should be based on a downward crossover of 26 EMA by 5 EMA .
NOTE: This is an attempt to predict future price movements. Investment decision based on this idea, if any, shall be solely at the risk of the investor.