Multibagger stock: Gabriel India share price jumped 7.41%, touching an intraday high of ₹1557.80 per share on NSE, in Monday's trading session despite weak market sentiments.
Gabriel India shares opened at ₹1,460 apiece today, as compared to previous close of ₹1,448.90 on Friday last week.
The stock rally came in after the shares witnessed a spurt in its trading volume. According to data available on NSE, around 17.34 lakhs shares changed hands during the intraday session on 19 October.
“Gabriel India’s recent share-price surge indicates strengthening bullish momentum, supported by the formation of higher highs on the technical chart. The stock’s breakout above the ₹1,460 resistance level on October 12 attracted fresh buying interest and improved its near-term outlook,” said Gaurav Garg, Head - Research, Lemonn.
In an exchange filing on 6 October, Gabriel India said that parent company Anand Group have signed a joint venture (JV) agreement with FORVIA to strengthen their presence in India's rapidly growing automotive market.