Today's Pick

Today's Pick: The Ramco Cements (₹351.3)

Updated on: Jul 01, 2015
image caption

The Ramco Cements scrip gained 3.6 per cent with above average volume on Wednesday, breaching its immediate resistance at ₹344 levels. Investors with a short-term perspective can consider buying the stock at current levels. Since June 2014, the stock has been on a sideways consolidation phase in a wide band between ₹280 and ₹380. In late March 2015 and early May, the stock took support from the lower boundary at ₹280 and reversed higher. The stock conclusively breached its 50- and 200-day moving averages while trending upwards. A key immediate support at around ₹327 is also cushioning the stock.

The moving average convergence divergence indicator is trending upwards in line with the stock price, implying the bullish momentum is intact. The short-term outlook for the cement stock is bullish. It can extend its rally and reach ₹366 and then ₹373 in the upcoming trading sessions. Buy the stock with a stop-loss at ₹344.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

Published on January 24, 2018

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like

Recommended for you