Breakout visible in Ambuja Cement; should you buy?
Traders are advised to 'Buy' with stop loss of Rs 196
By ET CONTRIBUTORS | Updated:
Getty Images
A short term target of Rs 220 can be envisaged. Traders are advised to 'Buy' with stop loss of Rs 196.
By CK Narayan
Cement stocks were in demand yesterday and a clear upside breakout is visible in the chart of Ambuja Cement.
As can be seen in the chart, the recent rise is well supported by a moving average.
We can also see a good rise in volumes and the two oscillators - RSI and DMI - are also ticking up.
The upside thrust meets all the requisite criteria for continuation. A short term target of Rs 220 can be envisaged. Traders are advised to 'Buy' with stop loss of Rs 196.
ADVERTISEMENT
(The author is a technical analyst and contributor with ET Now.)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
Ambuja Cements share price 0.27 per cent
