Palviya has issued a 'buy' call on GMDC. (Photo: Representative/Unsplash) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Axis Securities' technical analyst Rajesh Palviya believes there is more upside in store for Gujarat Mineral Development Corporation Ltd. shares even as the stock price has doubled in the last five months.

Palviya, who is the senior vice president of technical and derivative research at Axis Securities, has issued a short-term 'buy' call on GMDC with a target price of Rs 655, which implies a 7% upside from current levels.

The analyst believes GMDC's rally has been supported by strong technical momentum and key fundamental levers, especially after the company's Ambaji Copper Project received official approval.

“The stock presents a strong bullish tech

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