GAIL Showing Strength Above 10 EMA: Key Support & Resistance NSE:GAIL Showing Strength Above 10 EMA: Key Support & Resistance Levels (Daily & Weekly Analysis)
NSE:GAIL is currently trading at ₹229.40, maintaining strength above the 10 EMA on the daily chart, indicating positive short-term momentum. A similar setup is reflected on the weekly chart, where the stock is trading well above its 50 EMA, reinforcing a bullish bias.
Key Resistance Levels:
₹236 – Immediate resistance zone, significant on both daily and weekly timeframes. A breakout above this level could trigger further bullish momentum.
₹246 – The 52-week high, acting as a strong resistance on the weekly chart. A decisive move above this would mark a fresh bullish breakout, potentially leading to accelerated gains.
Key Support Levels:
₹226 – Crucial short-term support on the daily chart, aligning closely with the 50 EMA (₹226.29). Holding this level is essential for sustaining the positive trend.
₹216 – Next significant support zone on both timeframes. A break below this could signal weakening momentum.
₹196 – Major support level corresponding to the weekly 50 EMA. This level acts as a long-term safety net, and a breach below would indicate a shift in the broader trend.
Outlook:
The stock’s alignment above key EMAs on both the daily and weekly charts suggests that GAIL is in a strong uptrend. A break above ₹236 could lead to a test of the 52-week high at ₹246, where a breakout would be a strong bullish signal. Traders should monitor price action around these levels closely.
If GAIL faces a pullback, holding support at ₹226 will be crucial to maintain its short-term momentum. A break below ₹216 could indicate potential weakness, with ₹196 (weekly 50 EMA) serving as a critical long-term support.
Disclaimer: I am not a SEBI Registered Research Analyst (RA). This analysis is for educational purposes only and should not be considered as investment advice. Please conduct your own research or consult a financial advisor before making any trading decisions.
