GAIL (India) Limited is currently trading around ₹168 and appears to be in a correction after a strong rally to ₹244. The stock is showing signs of a possible recovery, but buying momentum remains weak. As per the Elliott Wave pattern, the correction may be nearing completion, opening the possibility of another upward move.
The key resistance is placed at ₹190. A sustained breakout above this level could push the stock towards ₹203, followed by ₹223 and ₹247 in the coming months. However, the stock needs strong buying support and improved momentum to move higher. Until then, it may continue to trade sideways.
On the downside, ₹150 is an important support level to watch. If the stock holds above this level and breaks ₹190, the bullish outlook will strengthen. However, a break below support could lead to further weakness. Overall, GAIL looks cautiously positive, but a clear breakout is needed before expecting a strong uptrend.
By BrightRally_Research
The key resistance is placed at ₹190. A sustained breakout above this level could push the stock towards ₹203, followed by ₹223 and ₹247 in the coming months. However, the stock needs strong buying support and improved momentum to move higher. Until then, it may continue to trade sideways.
On the downside, ₹150 is an important support level to watch. If the stock holds above this level and breaks ₹190, the bullish outlook will strengthen. However, a break below support could lead to further weakness. Overall, GAIL looks cautiously positive, but a clear breakout is needed before expecting a strong uptrend.
By BrightRally_Research
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.