AMBUJA CE­MENTS

Flash News Investment - - YOUR TECHNICAL PORTFOLIO GUIDE - - Kr­ishna Tata

I am hold­ing shares of Ambuja bought at Rs 284. Will the stock move up or should I exit now?

HOLD AMBUJA CE­MENTS WITH A STRICT STOP LOSS OF RS 268

Ambuja Ce­ments is cur­rently trad­ing at Rs 275. Its 52-week high/low stand at Rs 291.30/Rs 191 made on Septem­ber 13, 2017 and Novem­ber 22, 2016, re­spec­tively. Con­sid­er­ing the weekly time frame, the stock has given mul­ti­ple re­sis­tance break­outs at Rs 282-286 lev­els, but it has failed to sus­tain the lev­els on a clos­ing ba­sis. Cur­rently, the stock is in con­sol­i­da­tion mode with no ma­jor signs of up­side or down­side so far. Con­sid­er­ing the daily time frame, the stock has just ini­ti­ated a bounce-back af­ter a sharp fall from Rs 288 to Rs 268 level with high vol­umes and 14-pe­riod RSI pos­i­tive crossover. With this, we sug­gest to Hold in the scrip, but fol­low a strict stop loss of Rs 268, as re­cently also the stock has re­sisted at 38.2% re­trace­ment of the prior down­ward rally.

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