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Technical Observations

* The Auto Ancillary space continue to remain in strong up trend. Among the Auto Ancillary stocks, we remain constructive on Gabriel India. It is seen rebounding forming a higher base at the 50 days EMA and the lower band of the rising channel containing last three months up move signalling strength and offers fresh entry opportunity with a favourable risk reward set up +

* We expect the stock to head towards | 138 in the coming weeks as it is the 123.6% external retracement of its previous decline (| 134-116)

* The stock in the last two months is seen forming a higher base above the long term supply line breakout area joining highs since February 2019 signalling positive price structure

* Among the oscillators the daily 14 periods RSI has recently generated a buy signal moving above its nine periods average and is seen sustaining above the same thus supports positive bias

Buy Gabriel India Ltd @ 124.00-127.00 TGT 138 SL 117

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