Stock at all-time high: Gujarat Ambuja Exports Limited

The stock of GAEL has hit a fresh all-time high of Rs 334.70 today.  

Gujarat Ambuja Exports Limited is an agro-processing company. Its business profile includes solvent extraction, edible oil refining, and power generation through windmills and biogas. The stock is in limelight due to its strong momentum and has hit a fresh all-time high.  

The stock has gained nearly 5% on Monday and is trading at a day’s high. On the technical chart, the stock has formed a strong bullish candle with a long lower shadow, indicating strong buying interest at lower levels. In the past four days, the stock is in strong bullish momentum as it gained about 23% during this period. Moreover, the volume recorded was above average and shows larger participation in the stock. Thus, the price structure is quite bullish.  

With today’s surge, the 14-period daily RSI has surged past the 80-mark while the ADX indicates a strong uptrend of the stock. Meanwhile, the MACD had given a bullish crossover a few days back. Interestingly, the OBV shows a similar trend as that of RSI, and indicates a strong strength from the volume’s point of view. The other momentum oscillators and technical indicators also have their pointers turned towards the bullishness of the stock.  

Despite the weakness in the market, the stock has performed exceptionally well in recent times. On a YTD basis, it is up by a massive 98% while its one-month performance stands at 15%. The agro-processing industry has a bright future in India and thus, the stock has turned to be a multibagger, having gained about 150% in the past one year. The company has good fundamental figures and is expected to grow in coming years.  

Considering the above points, the stock is expected to trade higher in the coming days as proved by the technical analysis. Traders can expect decent gains in short term as well. 

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