GSFC signaled breakout above Rs 318:IIFL

MUMBAI – IIFL is of the view that GSFC has signaled breakout above Rs 318 with increase in volume activity. It has advised traders to buy the stock for target of Rs 336.

“After consolidating in sideways band for almost three months GSFC has signaled breakout above Rs 318 with increase in volume activity.

The consolidation resembles to flag formation which is viewed as continuation pattern in larger uptrend. Breakout is also seen in daily RSI after formation of rounding bottom, this provide supplementary evidence of sustainable upmove in the counter and stock is likely to head towards Rs 340 in the near term. We advise buying stock above Rs 324 with stop-loss of Rs 318 for target of Rs 336,” the report said.

Note: Trading idea valid for time-period of 1-3 days.