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Small Midcap Mantra | Inverse #39;Head and Shoulder#39; pattern on this auto component supplier signals bullish bias

Small Midcap Mantra | Inverse #39;Head and Shoulder#39; pattern on this auto component supplier signals bullish bias
August 10
16:02 2021

According to technical analysts, the Gabriel India stock is poised to advance to Rs 185, an upside of about 30 percent

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Shares of Gabriel India, a manufacturer of shock absorbers, have gained over 36 percent so far in 2021 compared with a 16 percent increase in the Nifty 50 and an over 46 percent rally in the S&P BSE SmallCap Index.

Over the past year, Gabriel India stocks have rallied more than 65 percent compared with a 45 percent gain in the Nifty 50 and an over 90 percent jump in BSE SmallCap Index.

With a market capitalisation of more than Rs 2,000 crore, the stock hit a 52-week high of Rs 149.25 on the BSE on August 9 and the trend remains on the upside. According to technical analysts, the stock is poised to advance to Rs 185, which translates into an upside of 30 percent from the August 6 closing price of Rs 141.55.

Gabriel India, which says it is a complete solution provider in ride performance, has more than 300 models of products. It has a presence in every automotive segment and is recognised as one of the best places to work for in India.

In the past year, the Gabriel India stock price has witnessed many volatile swings within a range of Rs 100-130. During this phase, the undertone remained positive and there was a good increase in volumes, indicating that this accumulation time.

“At the current juncture, prices have confirmed a classical ‘inverse head and shoulders’ pattern that indicates a bullish reversal in price formation,” said Rajesh Bhosale, a technical analyst with Angel Broking.

In technical analysis, an inverse head and shoulders pattern indicates a reversal in the trend from bearish to bullish.

“In addition, if we analyse the ADX (average directional index) indicator, the ADX line indicates that the trend is strongly gripped by bulls,” Bhosale said. “In the current bull run, we have seen mesmerising moves from many auto ancillary stocks and now with all the above evidence, we sense a strong outperformance by this counter.”

He recommends buying Gabriel India shares at current levels and on dips towards Rs 133 for a target of Rs 185. The stop-loss should be placed at Rs 120.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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