GAIL hits 2-1/2-yr high, technicals suggest further upside
Integrated energy company GAIL (India) Ltd rises as much as 4.6 pct to 412 rupees, its highest since Oct 2014. Stock clears a resistance near the psychological level of 400 rupees. Trend intensity indicator (TI) rises to 16 from Wednesday’s level of 14, indicating the start of a new uptrend. MACD is also positive and above its signal line, favorable for the stock. Compared to broader market, valuations for energy stocks look cheaper; BSE Oil & Gas Index trading at 12 month forward PE of 13, broader NSE Index trading at 20.09.
GAIL is trading at a 12 month forward PE of 14.17. Break above stock’s record high of 413.92 rupees hit on Oct. 31, 2014 will further confirm the upside.
https://www.sify.com/finance/gail-hits-2-1-2-yr-high-technicals-suggest-further-upside-news-equity-reumayajbeggg.html