The above weekly chart shows the bullish outlook for medium term. The stock bottom out on 14/03/2009 @ 32.50. From that level the volume started increasing with rise in price which indicates buy positions were added in the stock.
Overall the stock moving towards 38.2%, 50% retracement level of fall from 490 to 32.50, and the levels placed at 200 – 260 respectively for medium term. The stock will test 200 – 260 at least in medium term.
Perspective Outlook
The bullish view was confirmed with the triangle break out witnessed on 26/06/2010, the 100% of triangle range was around 67 points, So this break out will gain at least 67 points which is placed at 190 level and the outer extent target placed 200 which is near by retracement resistance.
As per channeling the stock is bullish for medium term, break out of the channel will push the stock towards 260 levels in long term perspective.
Trading Outlook
The above daily chart shows inner view in the channel. On 06/07/2010 further break out witnessed with higher volume which conforms the bulls are in the momentum.
Trend line acts subsequently.
Buy Gitanjali Gems at CMP (156) up to 143 levels
Stop Loss - 135
Short to medium term TGT – 200
Long term TGT 250 – 260
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