GNFC moving through a channel and the last wave is taking
support at good support zone and bounce
Candle formation also attractive
Technically it can touch 282-289-296-304 and more
Upper channel line is a 318-321 zone which also achievable
GNFC
With the last two three candles formation on daily chart (circled yellow) a bullish Harami seen on 15th followed by dragonfly Doji on 16, shows it is bottoming out. Also looking at last rally of Feb, price has retraced to level 50% fab level. This shows possibility of Reversal of prices. Initial target of 310 followed by 330.
Not for any trade advice, ...
GNFC: price are not able to break the down trend line, strength is also weak for breakout, with the last dip to 240 level couple of weeks back has limited the downward level making it as support area. May be some fundamental event can trigger upward momentum.
It's a investment worth script. FA guidance required.
On a long term chart, GNFC has retraced 61.8% of the move from 53 to 548 and rising RSI from an oversold region indicates a bounce that could take it to levels of 300/320. One may buy on dips with a SL of 230 and targets mentioned.
It is a short term/Medium term call.
Gujarat Narmada Valley Fertilizers & Chemicals Limited is engaged in operating businesses in the industrial chemicals, fertilizers and information technology (IT) products space. The Company is engaged in manufacturing and selling various fertilizers, such as urea and ammonium nitro-phosphate under the NARMADA brand. The Company's segments include Fertilizers, Chemicals and Others. The Others segment includes the activities of the IT division. The Company offers various fertilizers, such as urea, Ammonium Nitrophosphate, Narmada Plus (19:19:19), Neem De-Oiled cake, Muriate of Potash and Single Super Phosphate. The Company offers various chemicals, such as Weak Nitric Acid, Formic Acid, Ammonium Nitrate, Ethyl Acetate, Methyl Formate, Calcium Carbonate, Nitrobenzene and Catsol. The Company provides various IT services and solutions covering System integration, E-procurement, E-Governance projects, Data centers and Cloud storage under the brand name of (n)code solutions.
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GNFC
