January 19, 2017
Ambuja Cement Ltd (NSE Cash)
BUY
` 208
` 217 - 219
` 238
14 - 21 Sessions
Daily Chart
Source: Falcon (EOD - January 18, 2017)
Justification:
The stock had corrected sharply and had taken support around the 88.60% retracement level of the entire up move
from `183 to `281.70 in the recent past. Then after, the stock has gradually moved higher and made first ‘Higher Top
Higher Bottom’ on daily chart after many weeks. We also witnessed a positive crossover of ‘5 EMA’ and ‘20EMA’ on
daily chart. Yesterday, the stock had given a breakout from the consolidation phase of last ten sessions with decent
volumes. The ‘RSI’ oscillator has rebounding from its support of 50 levels on daily chart and thus showing strength in
the counter. Considering current chart structure, we are expecting an upmove in the stock. Thus, we advise traders to
buy this stock at current levels and on declines to `217 for a target of `238 in coming 14 - 21 sessions. The stop loss
for this trade set up can be kept at `208.
Jay Kumar Purohit
022-3935 7600 Extn: 6844
[email protected]
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January 19, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552)
Website: www.angelbroking.com
Email: [email protected]
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