Stock Picks - Buy Gabriel India Ltd For Target Rs. 155 - ICICI Direct
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Technical Observations
* The share price of Gabriel India has rebounded after taking support at Multiyear breakout area around |135 coinciding with 61.8%retracement of June – August up move signaling resumption of uptrend and fresh entry opportunity
* Going ahead we expect it to endure its current up move and head towards | 155 levels as it is the 80% retracement of recent breather (|162—133)
* The recent price rise was accompanied by strong volumes which was 4.5 times its average 200 day volume (30 lacs) and post that the throwback was on lower volumes, suggesting inherent strength
* The stock has immediate support at | 133 levels being the 61.8 % retracement of June-Aug up move (|116—162)
* The daily MACD oscillator is in rising trajectory suggest positive bias over medium term
Buy Gabriel India Ltd @ 138.00-142.00 TGT 155 SL 132
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