Gujarat Gas - Support Levels

Gujarat Gas has reached some support levels on its stock movement. The stock has been having a decent run in this market. Having crossed 61.8% comfortably, the stock looks to have lost some steam. Though the break from 61.8% did give some signals of movement on poor volumes, the stock currently is in between some support levels between 50% and 31.2% levels.

• MACD is currently showing negative or a 'no buy' call
• RSI though weak is still sliding down
• Yesterday showed a sharp up-movement in the Accumulation/Distribution chart. It could be an effect of a block sale in this stock at lower levels.
  

Overall, the stock is a weak one, but accumulation at lower levels once there is some signal from MACD would be my call. If the stock breaks 1163 and goes to 1130 this stock will be bearish and could go down to Rs. 1104. However, the stock has an upside of Rs. 1220 on the higher side.