ACC, Grasim: Cement stocks have more steam left in the short-term

All the major cement stocks are gearing up for next upside, check the near term support and likely targets here

India Cements Ltd (INDIACEM)
Likely target: Rs 250 (after sustaining above Rs 220)
Upside potential:  13%

After recording a new 52-week high at Rs 232, the shares of India Cements experienced a mild resistance with selling pressure staying intense below Rs 220. As long as the stock fails to sustain above this hurdle of the Rs 220 level, the decline may gain a negative momentum. However, a stable move above this obstacle may open new doors towards Rs 250 levels.   CLICK HERE FOR THE CHART

Grasim Industries Ltd (GRASIM)
Likely target: Rs 2,100
Upside potential:  11%

The horizontal trendline breakout suggests a positive bias from a short-term perspective. Going forward, a decisive close above Rs 1,880 may open doors for Rs 2,100 level, according to the daily chart. The current support stays at Rs 1,820 and Rs 1,760 levels. The chart indicates a formation of “Higher High, Higher Low” signalling a positive underneath strength. CLICK HERE FOR THE CHART

 
UltraTech Cement Ltd (ULTRACEMCO)
Likely target: Rs 8,700 and Rs 8,900
Upside potential:  8% to 10%

While, the shares of UltraTech Cement have struggled to sustain above Rs 8,200 level, the downside move has not been able to breach the support of Rs 8,000. The very short sideways move suggests a likely breakout on the upside. The next support stays at Rs 7,800 and the overall bullish trend exhibits a positive rally towards Rs Rs 8,700 and Rs 8,900 levels as the Moving Average Convergence Divergence (MACD) successfully manages to cross the zero line, according to the daily chart. CLICK HERE FOR THE CHART

 
ACC Ltd (ACC)
Likely target: Rs 2,800
Upside potential:  10%

The shares of ACC Ltd continue to dominate the selling pressure emerging at higher levels. The positive strength reflects an up move towards Rs 2,800 level, according to the daily chart. The breakout above Rs 2,500 level cleary indicates a positive bias that may see addition of longs form a medium-term outlook. The immediate support comes at Rs 2,450 levels. CLICK HERE FOR THE CHART

The Ramco Cements Ltd (RAMCOCEM)
Outlook: Consolidation phase, either side breakout may see 200-250 points move

On a broader outlook, the Ramco Cements is currently trading in a sideways to consolidation phase of Rs 1,130 to Rs 925 levels, according to the weekly chart. Either side breakout may result in a rally that could see a move of nearly 200-250 points. The overall trend suggests a possible upward breakout as the stock continues to show positive momentum on the higher end of the sideways move.  CLICK HERE FOR THE CHART