GAIL shares jump 9% to hit 52-week high; can this upside move continue?
GAIL share price: GAIL surged 8.81 per cent to scale their fresh one-year high level of Rs 153.10 in Friday's trade. At this price, the stock has gained 68.80 per cent from its one-year low price of Rs 90.70, a level seen on December 26 last year.
- Dec 22, 2023,
- Updated Dec 22, 2023 3:27 PM IST
GAIL (India) Ltd shares surged 8.81 per cent to scale their fresh one-year high level of Rs 153.10 in Friday's trade. At today's high price, the stock has gained 68.80 per cent from its one-year low price of Rs 90.70, a level seen on December 26 last year.
The scrip saw high trading volumes today as 75.20 lakh shares were last seen changing hands on BSE. The figure was higher than the two-week average volume of 13.86 lakh shares. Turnover on the counter came at Rs 111.95 crore, commanding a market capitalisation (m-cap) of Rs 99,185.38 crore. There were 23,87,788 buy orders against sell orders of 2,47,571 shares.
On technical setup, immediate support on the counter could be seen at Rs 145, followed by Rs 142, Rs 138 and 135 levels. An analyst said a decisive close above Rs 152 is required for a further up move.
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "GAIL has been in a secular uptrend with some in-between profit booking or correction. The counter looks to continue its upward march in the near future. On levels specific front, Rs 138-135 is the immediate cushion zone, followed by sacrosanct support of Rs 130-128 in the comparable period. On the higher end, till the counter sustains above the mentioned zone, dips are likely to augur well for the bulls."
AR Ramachandran from Tips2trades said, "GAIL looks bullish and a daily close above strong resistance of Rs 152 could lead to Rs 163 in the near term. Strong support will be at Rs 142."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 145 and resistance at Rs 155 level. Expected trading range will be between Rs 135 and Rs 165 for a month."
DRS Finvest founder Ravi Singh said, "The stock is looking strong and may see Rs 170 level in the near term. Keep stop loss placed at Rs 142."
The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 68.93. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a price-to-equity (P/E) ratio of 21.02 against a price-to-book (P/B) value of 1.61.
As of September 2023, promoters held 51.91 per cent stake in the company.
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
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GAIL (India) Ltd shares surged 8.81 per cent to scale their fresh one-year high level of Rs 153.10 in Friday's trade. At today's high price, the stock has gained 68.80 per cent from its one-year low price of Rs 90.70, a level seen on December 26 last year.
The scrip saw high trading volumes today as 75.20 lakh shares were last seen changing hands on BSE. The figure was higher than the two-week average volume of 13.86 lakh shares. Turnover on the counter came at Rs 111.95 crore, commanding a market capitalisation (m-cap) of Rs 99,185.38 crore. There were 23,87,788 buy orders against sell orders of 2,47,571 shares.
On technical setup, immediate support on the counter could be seen at Rs 145, followed by Rs 142, Rs 138 and 135 levels. An analyst said a decisive close above Rs 152 is required for a further up move.
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "GAIL has been in a secular uptrend with some in-between profit booking or correction. The counter looks to continue its upward march in the near future. On levels specific front, Rs 138-135 is the immediate cushion zone, followed by sacrosanct support of Rs 130-128 in the comparable period. On the higher end, till the counter sustains above the mentioned zone, dips are likely to augur well for the bulls."
AR Ramachandran from Tips2trades said, "GAIL looks bullish and a daily close above strong resistance of Rs 152 could lead to Rs 163 in the near term. Strong support will be at Rs 142."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 145 and resistance at Rs 155 level. Expected trading range will be between Rs 135 and Rs 165 for a month."
DRS Finvest founder Ravi Singh said, "The stock is looking strong and may see Rs 170 level in the near term. Keep stop loss placed at Rs 142."
The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 68.93. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a price-to-equity (P/E) ratio of 21.02 against a price-to-book (P/B) value of 1.61.
As of September 2023, promoters held 51.91 per cent stake in the company.
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
Also read | Markets to witness liquidity tsunami in 2024; SBI Securities suggests keeping these sectors on radar
Also read | Top 10 stocks to watch on December 22, 2023: GMR Airports, Infosys, LIC, Lupin, R Systems and more