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