PL Technical Research: Buy GUJ FLUOROCHEM LTD - Medium Term Tech Pick

PL Technical Research: Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt.

BUY GUJ FLOUROCHEM LTD CMP: 2860 TRGT: 3200 SL: 2700 - TECHNICAL PICK - The stock after the decent correction has consolidated and taken support near the long term trendline zone of 2670-2700 levels forming a decent base and currently has picked up with a positive bullish candle pattern on the daily chart to improve the bias and anticipate for further rise in the coming days. The RSI has recovered significantly from the highly oversold zone and is currently well placed with strength indicated to carry on the momentum still further ahead with immense upside potential visible. With the chart looking attractive, we suggest to buy and accumulate the stock for an upside target of 3200 keeping the stop loss at 2700.