In a remarkable turn of events, Gujarat Ambuja Exports shares surged over 9% on Tuesday, reaching an intraday high of ₹148.20 apiece on the BSE. This sudden uptrend was fueled by a significant increase in trading volumes, with approximately 1 crore shares changing hands, far exceeding the average weekly volume of 13 lakh shares.
Despite a lackluster year-to-date performance, with a 20% decline, Gujarat Ambuja Exports stock has demonstrated resilience in recent weeks, rallying over 15% in the past month. This upward momentum has been accompanied by a notable technical breakout, with the shares sustaining an upside move above their bearish trendline.
According to analysts at Anand Rathi, this technical development indicates a fundamental shift in market sentiment towards Gujarat Ambuja Exports. The weekly Relative Strength Index (RSI) has also surpassed its bearish trendline, signaling bullish momentum in the short to medium term.
In light of these technical indicators, Anand Rathi advises traders and investors to initiate long positions in Gujarat Ambuja Exports shares within the range of ₹137-142, with an upside target of ₹174 apiece, implying an upside potential of 25%. To manage risk, the brokerage firm recommends placing a stop-loss order near ₹122 on a daily closing basis.
