Business Daily from THE HINDU group of publications
Friday, Aug 22, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Friday, Aug 22, 2008 ePaper | Mobile/PDA Version | Audio |
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Stocks Markets - Recommendation
We recommend a sell in Ambuja Cements from a short-term perspective. It is evident from the charts of Ambuja Cements that following a corrective up move from its 52-week low of Rs 68, recorded in early July, the stock encountered twin resistance at around Rs 90 (a key resistance level and the long-term down trendline) recently and resumed its downtrend. On August 18, the stock breached its 21- and 50-day moving averages by declining 5 per cent. The daily relative strength index (RSI) is on the brink of entering the bearish zone and the weekly RSI is already featuring in this zone. The daily moving average convergence and divergence is signalling a sell and is likely to enter the negative territory. The long-term downtrend, which commenced in December 2007 high of Rs 160, is intact. We are bearish on the stock in the short-term. We anticipate the stock to decline further until it hits our price target of Rs 71 in the forthcoming trading sessions. Traders with short-term perspective can sell the stock while maintaining a stop-loss at Rs 83. Yoganand D.Ambuja Cements profit dips 34% More Stories on : Stocks | Recommendation | Gujarat Ambuja Cements Ltd | Cement
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