 "Most cement stocks are trading at their record high and Ramco Cement is no different")
Asian Paints Limited
Recommendation: Buy
Last Close: 2,506.85
Initiation range: 2,470-2,490
Target: 2,680
Stop loss: 2,400
We’ve seen a decent correction in paint stocks from their record high and now they’re hovering in a range. Amongst all, Asian Paints has formed a fresh buying pivot while holding strongly above the support zone of the medium-term moving average (100 EMA) on the daily chart. Traders shouldn’t miss this opportunity and accumulate in the given range.
HDFC Life Insurance Company Limited
Recommendation: Buy
Last Close: 704.90
Initiation range: 698-702
Target: 738
Stop loss: 680
HDFC Life has been strongly maintaining an uptrend for the last one year and is currently trading closer to its record high. In line with the past instance, it surged strongly today on February 9, after an intermediate corrective move. All indications are in the favor of prevailing momentum to continue.
The Ramco Cements Limited
Recommendation: Buy
Last Close: 929.95
Initiation range: 910-920
Target:1040
Stop loss: 860
Most cement stocks are trading at their record high and Ramco Cement is no different. It has also witnessed a breakout from a consolidation phase, after spending nearly two years. The chart pattern combined with noticeable volumes is pointing towards a strong up move ahead. We advise accumulating in the mentioned zone.
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Note: All prices are in Rs
Disclaimer: Ajit Mishra is VP - Research at Religare Broking
