15 Mar , 2022 By : Kanchan Joshi4
Gujarat Heavy Chemicals Ltd (GHCL) is among hot stocks seen to provide significant returns going forward. Ventura Securities expects the stock to reach between Rs650-800 apiece level ahead. On Monday, GHCL stock has clocked a new all-time high before correcting during the closing hours.
GHCL stock settled at Rs525.05 apiece up by Rs30.90 or 6.25% on BSE. The stock hit a new 52-week high of Rs534.40 apiece yesterday.
The GHCL stock has been on the upward stick since April last year, and the majority of the time it trades above average.
In technical stock recommendations, Bharat Gala, President - Technical Research, Ventura Securities has given possible targets are Rs650-800 apiece on GHCL ahead.
Gala said, "If the stock price corrects downwards the buy levels are (464-441)-424-(405-395)." However, he also recommended observing a stop loss of Rs365 apiece on the stock during the trade.
As per Gala, the stock price started its up move from 215 (April 2021) to 483 (Dec 21), making a series of higher bottoms.
"Most of the time the stock traded above the averages," Gala added, "a technical correction in the form of profit booking followed and the stock made a low of 349 in Dec 21."
Further, Gala said that "The KST, Aroon Up Down & ADX Indicator suggest a possible up move. 200 DMA is continuously in rising Mode."
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