India Cement, ACC: Breakout in cement stocks signal up to 11% rise

Ambuja Cements and India Cements charts indicate breakout of 'Inverse Head and Shoulder' pattern, thus a bullish trend ahead.

UltraTech Cement Ltd (ULTRACEMCO)
Likely target: Rs 8,500
Upside potential:  11%

As long as the shares of UltraTech Cement sustain above the support of Rs 7,000 levels, which is also the 50-weekly moving average (WMA), the positive bias is likely to see higher levels of Rs 8,500, subsequently hitting new a all-time high. The current weekly trend displays a broad sideways movement exhibiting accumulation around the lower support.  CLICK HERE FOR THE CHART
 

Ambuja Cements (AMBUJACEM)
Likely target: Rs 420
Upside potential: 8%

The shares of Ambuja Cement have broken out of the “Inverse Head and Shoulder” pattern showing further upside towards Rs 420 levels, as shown in the daily chart. This positive bias may not have received support from volumes, but the stock price action is absorbing all the selling pressure emerging at subsequent levels. The closing basis support of Rs 380 may act as a decisive mark for the uptrend. CLICK HERE FOR THE CHART

The Ramco Cements Ltd (RAMCOCEM)
Likely target: Rs 1,100
Upside potential: 8%

The “Ascending Triangle” breakout suggests a positive rally with a firm support from the Moving Average Convergence Divergence (MACD), according to the daily chart. Every dip / healthy correction should seen as a good time to accumulate and fresh entry for a bigger rally towards Rs 1,100 levels. The immediate closing basis support for the stock is positioned at Rs 1,000 and Rs 980 levels. CLICK HERE FOR THE CHART

ACC Ltd (ACC)
Likely target: Rs 2,500
Upside potential: 11%

The ACC stock has upheld the support of 50-WMA, currently placed at Rs 2,107 level, even when the major technical indicators were displaying a negative trend. This price strength indicates a bullish sentiment that is likely to gain strength as the stock overcomes significant obstacles. The overall short-to-medium term trend is heading towards Rs 2,500 with major breakout expected above Rs 2,350 levels. The closing basis support for the stock stays at Rs 2,200 levels. CLICK HERE FOR THE CHART

 

India Cements Ltd (INDIACEM)
Likely target: Rs 230
Upside potential: 11%

The perfect “Inverse Head and Shoulder” breakout with a decent support from volume suggests a bullish trend ahead, as per the daily chart. The stock price is gradually rising upward with building sufficient support levels. The immediate support comes at Rs 198 and as long as this mark is held, the positive sentiment may see a rally towards Rs 230 levels. The MACD has crossed the zero line upward signaling a bullish momentum.  CLICK HERE FOR THE CHART