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Investors with a short-term perspective can buy the stock of Gujarat Ambuja Exports at current levels. The stock has gained 4.4 per cent with extraordinary volume on Thursday, breaking above a key near-term resistance at around ₹170. Following a sideways movement between ₹122 and ₹150 from early January this year, the stock decisively broke through this consolidation phase on the upside in early May.
The stock continued to trend upwards but met with a resistance at ₹186 in late May and witnessed a corrective short-term downtrend that got halted at the vital base level of ₹160 in early June as well as last week. The stock trades well above the 21- and 50-day moving averages.
There has been an increase in volume over the past two trading sessions. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI continues to feature in the bullish zone. Besides, both the daily and the weekly price rate of change indicators are hovering in the positive territory implying. The stock can trend upwards and reach ₹185 and ₹188 in the ensuing trading sessions. Traders can buy the stock with a fixed stop-loss at ₹173.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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