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We recommend a buy in Ambuja Cements at current price. It is evident from the weekly chart of Ambuja Cements that the stock has been in a strong long-term uptrend since March 2003. Following a 33 per cent fall in February and March, the stock has staged a brilliant recovery and is currently testing its all-time high of Rs 150 once more.

Though the stock is pausing around the resistance at Rs 150, the daily momentum indicators are bullish. The immediate support for the stock is at Rs 140 and the next support is at Rs 125. Short-term investors can buy the stock with stop loss at Rs 140.

Since the medium term trend is intact, we expect the stock to penetrate the current resistance and move up to Rs 165 in the short term.

BL Research Bureau

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