Traders can accumulate the stock in a range of Rs 235-240 for the upside target of Rs 261 and a stop loss below Rs 220, says Shitij Gandhi of SMC Global Securities.
Gujarat Ambuja Exports has been consolidating in the range of Rs 180-230 from the last four months. In this month we have observed fresh breakout in the prices.
Currently, the stock has formed a bullish flag pattern on the daily charts and is on the verge of a breakout above the same.
The positive divergence on secondary indicators like RSI and stochastic also suggest for further upside in prices moving forward. Traders can accumulate the stock in a range of Rs 235-240 for the upside target of Rs 261 and a stop loss below Rs 220.
The author is a Senior Research Analyst, SMC Global Securities Ltd.Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are his own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.