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NEW DELHI: State-run gas utility firm GAIL (India) shares rose as much as 5.16 per cent to Rs 399.40, their highest since March 20, 1997.
The stock broke above a resistance at Rs 392.2, the 38.2 per cent Fibonacci projection level of the uptrend from August 25, 2015 low to December 28, 2017 high (wave 1), said a Reuters report.
The oil and gas major last week had reported 22.8 per cent year-on-year (YoY) rise in standalone profit at Rs 1,259.25 crore for June quarter, in line with Rs 1,262 crore PAT projected by analysts in an ETNow poll.
Net sales rose 49.50 per cent YoY to Rs 17,298.59 crore compared with Rs 11,570.81 crore last year.
ET Now poll had forecast sales at Rs 16,149 crore.
On more technicals front, the breakout is supported by volume as the 5-day average volume is 46 per cent higher than its 50-day average.
The breakout suggests the stock may now rise up to the next resistance at Rs 421, the 50 per cent projection level.
The stock's wave pattern suggests it is in the initial wave of a five-wave uptrend.
MACD is positive and above its signal line.
The stock is up 1.35 per cent this year as of last close, underperforming the broader NSE Index's 8.6 pct gains in the same period.
At 02:00 pm, shares of the company were trading 3.73 per cent higher at Rs 393.95 apiece on NSE.
(With inputs from Reuters)
