Technical Analysis

Ambuja Cements (₹238.7): Buy

Yoganand D BL Research Bureau | Updated on August 23, 2018 Published on August 22, 2018

Investors with a short-term perspective can buy the stock of Ambuja Cements at current levels.

On Tuesday, the stock jumped 4 per cent accompanied with extraordinary volume, decisively breaching a key resistance at ₹233. The stock has been in a short-term uptrend since recording a 52-week low at ₹189 on July 17. While trending up, the stock had conclusively breached its 21-as well as 50-day moving averages and a significant resistance at ₹210 in late July. After a corrective decline, the stock appears to have resumed its short-term uptrend.

The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is on the brink on entering the bullish zone from the neutral region.

The short-term outlook is bullish for the stock of Ambuja Cements. Traders can buy the stock with a stop-loss at ₹233.5. Targets are ₹249 and ₹253 levels.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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