Buy India Cement for target of Rs 114: IIFL

MUMBAI: According to IIFL the short term trend in India Cement appears to be robust. It has advised traders to buy the stock for target of Rs 114.

“India Cement on the weekly chart is trading near the support of ‘symmetrical triangle’ which has been holding well on the closing basis. With formation of ‘piercing line’ pattern last Fridays followed with a 50% retracement of immediate up move, the short term trend appears robust with immediate resistance seen at levels of Rs 120.

RSI too has been trading with positive crossover and the volume trend expansion during the upmove and contraction during decline displays strength in the rally. We advise buying stock above Rs 108 with stop-loss of Rs 105 for target of Rs 114,” the report said.

Note: Trading idea is valid for time-period of 1-3 days.