GNFC share price rises 7.5% in last 5 trading sessions: remains technical pick of Prabhudas Lilladher with 12% upside

Stock Market Today: Gujarat Narmada Valley Fertilizers and Chemicals Ltd (GNFC) share price gained more than 3% on Tuesday The fertilizer and agrochemical related stocks are seeing some momentum helped by the progress of monsoon. The GNFC share price and many other fertilizer and chemicals manufacturers share prices had seen little gains during last one year after the rainfall remained below average during 2023 monsoon season. Hence rising rainfall and monsoon activity in 2024 has lifted sentiments now. Gujarat Narmada Valley Fertilizers and Chemicals Ltd (GNFC) share price that is down more than 10% down year to date, however has risen almost 7.5% during last 5 trading sessions.

Prabhudas Lilladher expects more gains for Gujarat Narmada Valley Fertilizers and Chemicals Ltd (GNFC) share price and have given a target price of ₹800 for the GNFC share price that is trading close to ₹713 levels now.

The GNFC share price has overall maintained an uptrend with a higher low formation visible on the daily chart taking support at close to RS 655 zone and indicating a decent pullback and moving significantly past the 50 day exponential moving average (EMA) and 200 day moving average at 685 zone to improve the bias anticipating the further rise in coming days, said technical analysts at Prabhudas Lilladher.

The RSI (Relative Strength Index) currently is well placed and indicating a positive trend reversal to signal a buy, with much upside potential and strength visible to carry on with a positive move further ahead as per technical analysts at Prabhudas Lilladher.

With the chart looking technically good technical analysts at Prabhudas Lilladher recommend to buy GNFC for an upside target of ₹800 and keeping a stop loss at ₹655.

GNFC also remains a good dividend yield stock as had yielded 4.1% dividend yield with Dividend per share of ₹40 during FY23 .

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions