The stock of India Cements surged 6.7 per cent on Monday, after its positive Q2 results. With this rally, the stock has broken above a symmetric triangle pattern. Investors with a short-term perspective can consider buying the stock at current levels.
Since this August low of ₹63, the stock has been on a short-term uptrend. Following sideways movements, the stock appears to have resumed its uptrend. The stock has decisively breached its 21- and 50-day moving averages. The daily relative strength index is on the brink of entering the bullish zone. The daily moving average convergence divergence and price rate of change indicators are featuring in the positive territory, implying buying interest. The short-term outlook is bullish for the stock. It can rally further and reach the price targets of ₹87 and ₹89 in the upcoming sessions. Buy the stock with a stop-loss at ₹81.8.
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