Gujarat Ambuja Exports share price jumped moer than 4 percent to hit its 52-week high of Rs 144.40 in the morning trade on BSE on January 7.
The stock got traction a day after it released its December quarter shareholding pattern, which showed that foreign portfolio investors (FPIs) raised their stake in the company in the December quarter.
FPIs together held 31,88,222 shares of the company at the end of September quarter of FY21, which rose to 66,71,873 by the end of the December quarter.
Separately, the Massachusetts Institute of Technology, which did not hold any shares of Gujarat Ambuja Exports at the end of the September quarter, bought 34,83,000 shares of the company in the December quarter.
Rohan Patil, a technical analyst at Bonanza Portfolio, has a buy call on the stock with a target price of Rs 152 and a stop loss of Rs 132 for the short-term.
“A recent spurt in prices has scooped this stock above its horizontal trendline resistance on the daily timeline. The counter has also witnessed a classic rectangle pattern breakout on the daily timeline. The rectangle pattern normally acts as a continuous pattern after a prolonged consolidation,” Patil said.
“A spurt in prices has made the stock settle above its 50 & 100-day exponential moving averages on the daily timeframe, which is a positive sign for the stock. Momentum oscillator RSI (14) has settled in the range of 50 to 70, which is a bullish range shift for the indicator on the daily chart. On the weekly chart, the stock is trading in higher high higher low formation which confirms the continuation of the uptrend,” he said.
At 1105 hours, the share was trading at Rs 142, up 2.71 percent.
News Source: Moneycontrol