Gail On Bull Run As Phase-1 of Urja Ganga Project is Expected to Complete Ahead of Schedule

Shares of GAIL India Ltd has been on bull run for past six consecutive trading sessions. This upward price growth can be viewed as result of announcement made by company regarding early completion of 1st phase of the prestigious 2,655 km long Natural Gas Pipeline (JHBDPL) project, also known as the ‘Pradhan Mantri Urja Ganga’ project and arrival of LNG shipment from Russia’s Gazprom in May 18.

RSI indicator which is used to measure the momentum of stock based on speed of change in stock price regardless of direction in which price moves is currently in range of 41 to 73 as the signal line moves well inside overbought region in intra-day charts, while daily, weekly and monthly charts see the signal line move with upward incline toward neutral region from oversold region supportive of existing momentum for upward price growth.

Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in intra-day charts supportive of continued uptrend price growth in near future trading session. Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has also formed uptrend indication across intra-day charts supportive of continued bullish price movement. Expected support and resistance levels for the stock are at 320.92 & 335.98 respectively.

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