On a 30 minutes chart, the price has witnessed a bullish rally and formed a Bullish Pennant pattern indicating bullish strength. At the same time, the indicator stochastic suggested a positive crossover confirming a bullish trend. Moreover, the price also trades above 20 EM adds more strength to the price.
Hence, based on the above-mentioned technical structure, one can initiate a Long position in GNA at Rs CMP 822.90, or a fall in the price till Rs 821 levels can be used as a buying opportunity for the upside target of Rs 858. However , the Bullish view will be negated if GNA closes below the Support level of Rs 805.
(Ashish Katwa, Research Analyst, Bonanza Portfolio)
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