Buy and Hold Gujarat Alkalies & Chemicals for 4-5 weeks between 121-123, target- 134.0, stop loss 115.0

Gujarat Alkalies & Chemicals ltd. after making a peak in the mid of January 2010 dipped and has taken support at 110 mark and has been consolidating between the 115 and 120 mark over the last 3 months. The stock has given closing above its 20, 50 day exponential moving average and is trading around its 100 day exponential moving average. 20 days exponential moving average closed at Rs. 117.8 and 50 days exponential moving average closed at Rs. 118.6. RSI is at 60.4. The technical indicators suggest an up move from current levels. We recommend a buy on

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