GUJRAT STATE PETRONET LTD. TGT 400-430-472 06-04-2024
Gujarat State Petronet Ltd. is an interesting chart with following
FUNDAMENTALS :
The company is one of the largest players in the natural gas transmission business in India together with its leadership position in Gujarat and strategic location with connection to all major natural gas supply sources
1. Company is almost debt free.
2. Company has a good return on equity (ROE) track record: 3 Years ROE 22.8%
3. GSPL has planned to undertake capex over the next five years towards the expansion of its existing natural gas pipeline network,
laying new spur lines, and capacity augmentation. GSPL has sought approval of the regulator, viz., the PNGRB
TECHNICALS:
1. Stock out performing benchmark and sectoral index in both 1 week and 3 months
2. Both SRS and ARS are above zero
3. RSI on all time frames i.e. D/W/M above 60
4. ABCD Pattern under formation on weekly chart
5. Major support 324 - 350 , minor resistance near 390-400 zone above which it will be in all Time high zone
6. Cup and Handle like pattern on daily chart
Lets see how it evolves
Disclaimer: I am not an expert I just share interesting charts here for educational purpose and not to be taken as buy/sell recommendation. Please seek expert opinion before investing and trading as trading/ investing in market is subject to market risks. I do not hold any position in the stock as on date but I may look to buy on dips with my own Risk Reward matrix.
FUNDAMENTALS :
The company is one of the largest players in the natural gas transmission business in India together with its leadership position in Gujarat and strategic location with connection to all major natural gas supply sources
1. Company is almost debt free.
2. Company has a good return on equity (ROE) track record: 3 Years ROE 22.8%
3. GSPL has planned to undertake capex over the next five years towards the expansion of its existing natural gas pipeline network,
laying new spur lines, and capacity augmentation. GSPL has sought approval of the regulator, viz., the PNGRB
TECHNICALS:
1. Stock out performing benchmark and sectoral index in both 1 week and 3 months
2. Both SRS and ARS are above zero
3. RSI on all time frames i.e. D/W/M above 60
4. ABCD Pattern under formation on weekly chart
5. Major support 324 - 350 , minor resistance near 390-400 zone above which it will be in all Time high zone
6. Cup and Handle like pattern on daily chart
Lets see how it evolves
Disclaimer: I am not an expert I just share interesting charts here for educational purpose and not to be taken as buy/sell recommendation. Please seek expert opinion before investing and trading as trading/ investing in market is subject to market risks. I do not hold any position in the stock as on date but I may look to buy on dips with my own Risk Reward matrix.
Trade active:
TGT 1 400 ACHIEVED