Today’s Pick: GNFC (₹579.1): BUY

GNFC’s (Gujarat Valley Narmada Fertilizers & ChemicalsThe stock price witnessed a sharp rise on Wednesday and broke out from a significant resistance at $575. This rally led the stock to move above the downtrend line resistance, which increased the chance of a rally.

Read more: Why you should accumulate GNFC shares now

Although the stock fell on Thursday, the uptrend appears to be retaining momentum. The chart shows that we are likely to see a rally from here, especially on Friday, and there is potential for the stock to rise to INR600. Thus, we recommend buying GNFC stock at the current level of $579 and buying more if the price drops to $568. Place your stop loss at INR 555. Filter long positions at $600 as it is resistance against which the stock may see a price correction.

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