Trade Spotlight | How you should deal in Gujarat Ambuja Exports, Craftsman Automation, Glenmark Pharma today

About this update from Gujarat Ambuja Exports Limited

Given the bulls gaining strength in late trade after consolidation since the beginning of trade on February 20, and continuation of upward journey for six days in a row with higher highs, higher lows formation in four consecutive sessions, the Nifty may try to march towards 22,300 in the coming sessions, followed by 22,500, with support at 22,000 mark, experts said.On February 20, the Nifty 50 rallied 75 points to 22,197 and formed bullish candlestick pattern on the daily charts after neutral patterns formation in previous couple of days. The BSE Sensex gained 349 points at 73,057.However, the broader markets saw some profit-taking as the Nifty Midcap 100 and Smallcap 100 indices were down 0.13 percent and 0.53 percent.Stocks that performed far better than the broader markets on Tuesday included Gujarat Ambuja Exports, Craftsman Automation, and Glenmark Pharma. Gujarat Ambuja Exports has formed long bullish candlestick pattern on the daily charts after several day of consolidation. The stock rallied 6 percent to Rs 386 with robust volumes and traded above all key moving averages, which is a positive sign.Craftsman Automation maintained upward journey for six days in a row, and gained 2.8 percent at Rs 4,453. The stock has formed bullish candlestick pattern on the daily timeframe with average volumes. The stock climbed above 21-day EMA (exponential moving average) and closed near 200-day EMA. Sustaining above 200-day EMA is key to watch out for.Glenmark Pharma jumped 3.7 percent to Rs 894 and formed bullish candlestick pattern on the daily scale with above average volumes. The stock showed nice recovery in last four days after falling closer to 200-day EMA, and now traded above all key moving averages.Here's what Jigar Patel of Anand Rathi recommends investors should do with these stocks when the market resumes trading today:Gujarat Ambuja ExportsThe recent surge in GAEL may appear attractive at first glance, yet a closer examination reveals potential concerns. Analyzing the weekly chart reveals the presence of several Bearish Engulfing candlestick patterns, signaling a potential reversal in trend.Additionally, resistance levels between Rs 400-410 are notably strong, marked by Fibonacci clustering as depicted in the chart. Furthermore, the weekly stochastic indicator shows consistent bearish divergence, adding to the cautious outlook.For investors who have...

View stock analysis, news, and events for Gujarat Ambuja Exports Limited