Gaurav Bissa of LKP Securities told CNBC-TV18, "Gabriel India is forming a triangular pattern on daily chart and a breakout would be seen above Rs 85 odd levels. These are also the levels where medium-term averages are converging. The level of Rs 70-72 is evolving as a strong support zone for this stock on slightly longer time-frame. I feel that one can hold the stock with a strict stop loss between Rs 70 and Rs 72."
"If Rs 85 is breached, then I feel in a year or two, we can see levels of Rs 100 and if Rs 100 is breached, then I would say it will have a massive breakout and then the stock might go into another orbit. So, play with trailing stop losses. It is not the right time to actually exit. These are the levels that one can get into; Rs 87-88 are the levels of free entry. They are actually breakout levels and the stock just about gave a false breakout and then witnessed a significant correction. So, I would hold on to the level, hold on to the stock and play for higher targets," he said.
Disclosure: Analyst has no personal holdings in the stock but it is possible that he may have recommended them to his clients at LKP.
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