GAIL Shares Tumble 6.3%, Analysts Flag ₹153 Target
Overview
GAIL (India) shares plummeted 6.3% last week, breaking critical technical support at ₹169. Analysts predict further declines to ₹153, advising traders to initiate short positions as long as the stock remains below ₹170 resistance.
Stocks Mentioned
GAIL (India) Shares Under Pressure Amid Technical Sell-Off
GAIL (India) Ltd. stock ended last week on a sour note, shedding 6.3% of its value and breaching key technical indicators. The energy major's shares have fallen below both their 21-day and 50-day moving averages, which converge near the ₹167 mark.
While Friday saw a minor recovery attempt, the stock ultimately closed below critical support at ₹169. Analysts suggest that although a marginal bounce to ₹168 is possible, the prevailing sentiment remains bearish. The immediate future for GAIL shares appears capped by resistance at ₹170.
Traders are advised to consider shorting GAIL (India) at current levels around ₹164.40 or on any uptick to ₹168. A strict stop-loss should be placed at ₹172 to mitigate potential losses should the stock reverse course unexpectedly. The target for this bearish trade is set at ₹153 in the near term.
