Cement stocks firm; ACC, Grasim, UltraTech can rally up to 11%, charts show

The present scenario hints a strong momentum in the cement stocks, wherein shares of ACC, Grasim and UltraTech Cement are claiming new uncharted territory with firm volumes

The benchmark indices, BSE Sensex and Nifty 50 seem to struggle around the 60,000 and 18,000 levels respectively. This sentiment has dented the positive bias and market participants are becoming furious about their trading positions.

The present scenario hints of a strong momentum in the cement stocks, wherein shares of ACC Ltd, The Grasim Industries Ltd  and UltraTech Cement Ltd are claiming new uncharted territory with firm volumes.

ACC Ltd (ACC)

Likely target: Rs 2,800

Upside potential:  10%

The shares of ACC Ltd conquered the major selling pressure range of Rs 2,550 to Rs 2,450 levels. In addition, the stability above this pressure range exhibits the positive strength in the stock price. The trend is heading toward the Rs 2,800 level, expecting a surge of almost 10 per cent in the future sessions. The Moving Average Convergence Divergence (MACD) has crossed the zero line upward hinting on an upward direction. The immediate support comes at Rs 2,400 levels, according to the daily chart. CLICK HERE FOR THE CHART

The Grasim Industries Ltd (GRASIM)

Likely target: Rs 2,100

Upside potential: 11%

The shares of the Grasim Industries Ltd continue to record a new all-time high, often reflecting a persistent support of bulls. This sentiment is expected to trigger a rally in the direction of Rs 2,100 from a medium-term perspective. The support comes at Rs 1,800 levels, which needs to be considered on the closing basis, as per the daily chart. The bigger trend has a support of Rs 1,650 and as long as this crucial mark is upheld, the positive momentum is going to witness added interest of market participants.  CLICK HERE FOR THE CHART

 

UltraTech Cement Ltd (ULTRACEMCO)

Likely target: Rs 8,700

Upside potential: 8%

Until the shares of UltraTech Cement Ltd do not breach Rs 7,000 levels, the medium-term outlook may stay highly optimistic. The present scenario shows the continued attempt to sustain above Rs 8,000 levels. When this happens, the upside breakout may see a jump towards Rs 8,700 level. The immediate short-term support for the stock exists at Rs 7,750 levels, according to the daily chart. CLICK HERE FOR THE CHART

 

J.K. Cement Ltd (JKCEMENT)

Likely target: Rs 4,000

Upside potential: 10%

The breakout from the consolidation range of Rs 3,600 to Rs 3,000 levels indicates a rally that may accelerate toward Rs 4,000 levels, as per the daily chart. The overall bullish trend is supported by the 100-day moving average (DMA), which the stock has honoured since mid-2020. The immediate support for the stock comes to Rs 3,400 levels. CLICK HERE FOR THE CHART

 

Ambuja Cements (AMBUJACEM)

Likely target: Rs 480 (after crossing Rs 445)

Upside potential: 7%

The up move above the zero line of MACD suggests a positive momentum with an upward direction, as per the daily chart. This may result in a breakout above Rs 445 and the stock may see a jump towards Rs 480 claiming a new uncharted territory.  The immediate support comes at Rs 410 levels. One can expect a strong interest of market participants upon the breakout.  CLICK HERE FOR THE CHART