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JK Lakshmi Cement surged 5 per cent accompanied by extraordinary volume on Tuesday. Investors with a short-term horizon can consider buying the stock at current levels. After taking base from the significant long-term support level at ₹65 in early February, it started trending upwards. Since then, the stock has been on a short-term uptrend, gaining 50 per cent. While trending upwards, the stock decisively breached its 50- and 200-day moving averages in late February and is currently hovering well above them. A key long-term resistance at ₹87 was breached last week. The indicators on the daily chart are featuring in the bullish zone. Moreover, the weekly indicators have also entered the bullish zone supporting the uptrend.
Our short-term outlook is positive. The stock can rally further and reach the price target of ₹102.5 and then to ₹104.5 in the coming trading sessions. Buy the stock with a stop-loss at ₹96.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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