In­dia Ce­ments (₹171.1)

The Hindu Business Line - - FRONT PAGE - YOGANAND D

The stock of In­dia Ce­ments fell 5 per cent with above-av­er­age vol­ume on Tues­day, break­ing below a key sup­port level of ₹175. This fall gives traders with a short-term per­spec­tive an op­por­tu­nity to sell the stock at cur­rent lev­els.

Key re­sis­tance in the band be­tween ₹200 and ₹225 lim­ited the stock’s up­move in mid-May and again in midJune this year. Sub­se­quently, the stock changed di­rec­tion trig­gered by neg­a­tive di­ver­gence in the weekly in­di­ca­tors. Since then, the stock has been in a medium-term down­trend. . It hov­ers well below its 21- and 50-DMAs. The daily rel­a­tive strength in­dex is hov­er­ing in the bear­ish zone and the weekly RSI is on the brink of en­ter­ing this zone from the neu­tral re­gion.

The short-term out­look is bear­ish for the stock. It can ex­tend its down­trend and reach the price tar­gets of ₹164 and ₹161 lev­els in the near term. Traders can sell the stock with stop-loss at ₹175.

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

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