HDFC Securities bullish on THIS PSU stock - Check price target

GAIL share price: According to HDFC Securities report, weekly momentum indicators like 14-week Relative Strength Index (RSI), a momentum indicator used in technical analysis, has bounced back and crossed its 9-week Exponential Moving Average (EMA).

GAIL share price: HDFC Securities believes that there is upside potential in GAIL in the coming weeks, Image source- Pixabay

GAIL share price: Domestic brokerage house HDFC Securities has given a positional call of Buy on GAIL. The firm in its report said that GAIL has corrected from its April 2022 immediate high of Rs 116. At the end of September 2022, the stock had formed a support of Rs 83, which roughly matches the previous immediate support of the stock. Since then the stock has bounced back and made a higher bottom.

According to HDFC Securities report, weekly momentum indicators like 14-week Relative Strength Index (RSI), a momentum indicator used in technical analysis, has bounced back and crossed its 9-week Exponential Moving Average (EMA).

The intermediate technical setup is also looking positive, the report stated.

HDFC Securities believes that there is upside potential in GAIL in the coming weeks and thus has maintained a Buy recommendation on the stock.

HDFC Securities said that GAIL share price could reach the levels of Rs 103 and Rs 117 in long term, yielding more than 20 per cent return.

GAIL Share Price Target

Rating: Buy

Target: Rs 103.5/117

Stop Loss: Rs 90

Buying Range: Rs 95-97.7

Price: Rs97.45

Duration: 1-3 months

Estimated upside: 21 per cent

Shares of GAIL quoted Rs 97 apiece on NSE on Tuesday, December 20, at 2 PM.

GAIL shares have delivered a positive return of around 10 per cent in the past 6 months. In the past 1 year, the PSU stock has yielded more than 15 per cent return. The stock's 52-week range is Rs 115.67 - Rs 83.

(Disclaimer: The advice given here for trading in stocks is given by the brokerage firm. These are not the views of Zee Business. Consult your advisor before investing.)

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