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The stock of India Cements surged 5.8 per cent on Friday, decisively breaking a key long-term resistance at ₹65. This gives traders an opportunity to buy the stock. After forming a strong base in the band between ₹43 and ₹46, the stock started to trend upwards in late January. Since then, it has been on an intermediate-term uptrend.
Strengthening the uptrend, the stock decisively breached its moving average compression (21-, 50- and 200-day moving averages) at ₹50 in late March. It is now hovering well above these moving averages.
The indicators on the daily chart are featuring in the bullish zone and backing the short-term uptrend. Also, with indicators on the weekly chart entering the positive territory, the medium-term uptrend is also strengthening. Both the short- and medium-term outlook for the stock is bullish. It can extend its current rally and reach the price target of ₹75 and ₹76.5 in the upcoming trading sessions. Buy the stock with a stop-loss at ₹70.2.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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