Investors with a short-term perspective can consider buying the shares of India Cements. The stock has surged over 6 per cent on Thursday accompanied by strong volumes. The 10 per cent rally last week has helped the stock move past its resistance at Rs.90 — holding well over the last few weeks. Also, the rally on Thursday has helped the stock breach its important trend resistance at Rs.94.5.
The decisive close above this key resistance level, reinforces the uptrend that has been in place since August. An immediate rise to Rs.98 and Rs.100 looks possible in the coming sessions, as long as the stock trades above Rs.94.5.
Traders with a short-term perspective can go long. Stop-loss can be kept at Rs.94 for a target of Rs.100. Intraday dips to Rs.95 can be used to accumulate long positions. The bullish outlook will get negated if the stock falls strongly below Rs.94.5. The ensuing target on such a fall will be Rs.92.
No comments:
Post a Comment