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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

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