14 Mar , 2022 By : Kanchan Joshi
The agro-processing company, Gujarat Ambuja Exports (GAEL) stock traded near its record level on Monday tracking the upside in broader markets. Notably, GAEL is expected to make some strong upside going forward. In its technical stock recommendation, Ventura Securities is optimistic on GAEL with a potential of touching Rs450 apiece target.
At around 2.39 pm, GAEL traded at Rs239.90 apiece up by 0.6% on BSE. The stock has touched an intraday high of Rs243.60 apiece which was slightly shy of the 52-week high of Rs244.05 apiece.
Bharat Gala, President - Technical Research, Ventura Securities in its technical stock recommendation report set a possible target of Rs450 apiece on GAEL going forward.
Data given by Gala revealed that the stock price started its downtrend from 155(April 2018) to 43 (March 2020). Gala added, "The stock traded below averages and super trend also was in Negative mode."
"Value buying followed and the stock started trading above averages with super trend turning to positive mode and made a high of 202(Aug 21)," Gala further said.
As per Galal, after correcting to 151(Dec 21), recently the stock gave Range breakouts & made a high of 244 accompanied by supportive volumes.
He explained that the breakouts happened above the trend line connecting April 2018 to March 22.
That said, Gala added, "The Aroon Up/Down, ADX & MACD Indicator suggest a firm uptrend."
Following this, an Rs450 apiece target is set on GAEL stock. Gala suggests that if the stock price corrects downwards the buy levels are (225-213)-203-(193-188). While stop loss is to be observed at Rs167 apiece in the trade.
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