Stock Picks - Buy Gabriel India Ltd For Target Of Rs. 138 - ICICI Direct
Technical Observations
* The stock has witnessed a breakout from falling supply line joining highs of September 2019 & August 2020 in Wednesday’s session, suggesting resumption of uptrend after consolidation
* The 50 day EMA has acted as a strong support in recent times and during correction ,stock has formed higher base above the 50 day EMA and resumed its uptrend after consolidation
* It has immediate support at | 116 levels as it is the confluence of the current week low and 50% retracement of the current up move (| 110-122) placed at | 116 levels
* The weekly MACD is in rising trajectory thus validates positive bias in the stock
* Based on the above technical observations, we expect the stock to continue with its current positive momentum and head towards | 140 levels as it the 138.2% external retracement of the previous major decline (|131 to 108)
Buy Gabriel India Ltd @ 122.00-127.00 TGT 138.00 SL 116.00
To Read Complete Report & Disclaimer Click Here
https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
Above views are of the author and not of the website kindly read disclaimer
