Investors with short-term trading perspective can consider buying the stock of Gujarat State Fertilizers and Chemicals. It is seen from the charts of the stock that it has been steadily trending upward since its December 2008 low of Rs 64, shaping higher peaks and higher bottoms. In late May 2010, the stock found support at its significant long-term support zone between Rs 200 and Rs 215 and bounced up immediately. However, after pausing a while near the resistance at Rs 240, it penetrated this resistance by gaining 3.5 per cent on June 28 . This up move has reinforced the stock's bullish momentum. We observe that there is an increase in volumes over the past two trading sessions. The 14-day relative strength index is on the verge of entering in to the bullish zone from the neutral region whereas the weekly RSI has just entered this zone. Daily moving average convergence divergence indicator has signalled a buy and is heading towards positive territory. Moreover, the long-term uptrend-line is in tact for the stock. We are bullish on the stock from a short-term horizon. We expect it to move up until it hits our price targets of Rs 260 or Rs 266. Short-term traders can buy the stock with stop-loss at Rs 241.
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