Stock Picks - Buy Gabriel India Ltd For Target Rs. 163 - ICICI Direct
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Technical Observations
* The Auto space has seen a shallow retracement in the last six months after the strong up move of CY’20 signalling resilience and higher base formation, while the auto ancillary space continue with its positive momentum
* The share price of Gabriel India has recently generated a resolute breakout above the multiple highs of the last two years signalling strength and offers fresh entry opportunity
* We expect the stock to continue with its positive momentum and head towards | 163 levels in the coming weeks as it is the 123.6% external retracement of the entire CY20 decline (| 140-40) placed around | 163 levels
* The recent price rise and the breakout above the last two years high is supported by strong volume of more than three times the 50 weeks average volume of 30 lakhs share per week highlighting larger participation in the direction of the trend
* Among the oscillators the weekly 14 period RSI is in strong up trend and is seen rebounding taking support at its nine periods average thus validates positive bias in the stock
Buy Gabriel India Ltd @ 146.00-149.00 TGT 163 SL 139
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