May 23, 2017
Ambuja Cem (NSE Cash)
BUY
` 232
` 239 - 241
` 257
14 - 21 sessions
Daily Chart
Source: Falcon (Time: 13:15 IST)
Justification:
The stock is forming ‘Higher Top Higher Bottom’ structure on higher degree chart and is thus in an uptrend. Post the recent
corrective move, the prices are currently trading near the ‘200 DMA’ support which also coincides with the ’89 EMA’ on the
daily chart. The ‘RSI’ oscillator on the daily chart too is near its support of 40. Generally, such corrective moves in an uptrend
should be bought into and thus, we are anticipating resumption of the higher degree uptrend in the stock from current levels.
Hence, we advice traders to buy this stock at current levels and on declines at `239 for a target of `257 over the next
14- 21 sessions. The stop loss should be fixed at `232.
Ruchit Jain
022-3935 7600 Extn: 6554
May 23, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600
Website: www.angelbroking.com
Email: [email protected]
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