Technical Outlook & Trading Strategy:-
The Gitanjali Gems has seen a sharp rise from the low of Rs 292 on 25th Aug 2011 to till the date. On the daily chart the stock has managed to close above its cluster of moving averages.
On the weekly chart the stock has registered a running breakout to its rising channel resistance line. The MACD indicator on the daily chart is also in a bullish zone suggesting more upside in the stock.
We recommend traders to buy 50% now and again on dips up to Rs 336-- Rs 338 levels with a stop loss placed below Rs 325.8 levels for targets of Rs 356 – Rs 370 levels.
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