Ventura Securities is Bullish on Gujarat Ambuja Exports

Shares of agro processing company Gujarat Ambuja Exports (GAEL) on Monday traded close to their record highs tracking a rally in the broader market.The GAEL, in particular, is expected to witness some strong upside going forward. Ventura Securities has a bullish outlook on GAEL as per technical stock recommendation and has a potential to touch Rs 450 target.

At around 2.39 pm, GAEL was trading 0.6% higher at Rs 239.90 on the BSE. The stock has touched an intraday high of Rs 243.60, marginally lower than its 52-week high of Rs 244.05.

Bharat Gala of Ventura Securities in his Technical Stock Recommendation Report has said that a possible target of Rs 450 can be seen on GAEL going forward.

The data provided by Gala showed that the stock price started a downward trend from 155 (April 2018) to 43 (March 2020). “The stock was trading below average and Super Trend was also in negative mode,” Gala said.

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Gala further added, “There was value buying and the stock started trading above the average. In this super trend turned into positive mode and the stock reached a high of 202 (August 21).”

After correcting to the level of 151 (Dec 21) according to the gala, the stock recently gave a range breakout and made a high of 244 with supportive volume.

He explained that the breakout happened above the trend line connecting April 2018 to March 22.

After this, a target of Rs 450 per share has been set on the share of GAEL. Gala suggests that the buy level would be (225-213)-203-(193-188) if the stock price corrects to the downside. Whereas a stop loss of Rs 167 should be placed in the trade.

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