Technical Analysis

Gateway Distriparks (₹138.1): Buy

Yoganand D BL Research Bureau | Updated on April 08, 2019 Published on April 08, 2019

Investors with a short-term perspective can buy the stock of Gateway Distriparks at current levels. The stock surged 6.5 per cent with good volume on Monday, strengthening the short-term uptrend. It took support in the band between ₹99 and ₹100 in late January and again in February this year. Since then, the stock has been in a short-term uptrend.

While trending up, the stock had decisively breached the 21- and 50-day moving averages in early March. After a minor corrective decline in the previous week, the stock appears to have resumed the short-term uptrend on Monday. The daily relative strength index has re-entered the bullish zone from the neutral region and the weekly RSI continue to chart upwards in the neutral region.

Both the daily and weekly price rate of change indicators feature in the positive territory implying buying interest. The short-term outlook is bullish for the stock. It can extend the uptrend and reach the price targets of ₹144 and ₹146.5 in the upcoming trading sessions. Traders can buy the stock with a stop-loss at ₹135.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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