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Investors with a short-term horizon can buy the stock of ITD Cementation India at current levels. The stock has been in a long-term uptrend since it took support at ₹26 in March 2020. Medium as well as short-term trends are up for the stock. However, in the near-term it is in a downtrend that got halted at the key base level of ₹80 on Tuesday.
After marking an intraday low a ₹77.4, slipping briefly below the base level of ₹80 the stock recovered well and closed above this level on Wednesday. It has gained 4.6 per cent accompanied with above average volume on last session. The stock has managed to close above the 100-day moving average and indicates near-term downtrend has come to an end. With medium as well as the short-term uptrends still in place the stock has potential to extend the uptrend in the ensuing trading sessions.
The daily relative strength index has entered the neutral region from the bearish zone and the weekly RSI continues to hover in the neutral region with an upward bias. The daily price rate of change indicator is on the brink of entering the positive terrain. The stock can continue to trend upwards and reach the price targets of ₹88 and ₹90 in the coming trading sessions. Traders can buy the stock with a stop-loss at ₹82.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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