 "cement")
Selective cement companies have seen remarkable upside in the past four months. While the key benchmark indices underwent tremendous volatility during this phase, shares of UltraTech Cement, ACC, and Orient Cement were formulating accumulation and laying a significant base for the upward rallies.
Orient Cement has gained the most so far in the current month, soaring 10 per cent, followed by Ambuja Cements and ACC, which advanced 8 per cent and 7 per cent, respectively.
In the last four months, Ambuja Cements soared 35 per cent, while Orient Cement rallied 33 per cent. Shares of ACC, India Cements, and UltraTech Cement increased by 16 per cent, 14 per cent and 10 per cent, respectively.
Here is the technical outlook of selective cement stocks:-
ACC Ltd (ACC)
Likely target: Rs 2011 and Rs 2125
Upside potential: 7% and 11%
Over the period of last three months, the stock has consistently held the support of 50-simple moving average (SMA), placed at Rs 1,785. Now, the stock has broken out on the upside, crossing Rs 1,840-level, which it struggled to take over; the breakout shall eye to reach Rs 2011, its 200-DMA. The next hurdle comes to Rs 2,125, which the stock shall target to cross in the near-term. CLICK HERE FOR THE CHART
India Cements Ltd (INDIACEM)
Likely target: Rs 236 to Rs 240
Upside potential: 8%
While the stock is struggling to cross the 200-simple moving average (SMA), the underlying strength supported existed near Rs 205 kept the selling pressure at bay. Unless this mark is violated, the trend is expected to see upward bias. Once the 200-SMA is crossed with decisive structure, the price action shall aim to hit Rs 236 to 240 levels, its previous reversal mark. CLICK HERE FOR THE CHART
Ambuja Cements (AMBUJACEM)
Likely target :Rs 550
Upside potential: 12%
Shares of Ambuja Cements have conquered the 200-SMA set at Rs 440. This momentum displays a resilient sentiment that looks to be eyeing an upside to Rs 500-level. A closing basis support of Rs 420 needs to be honoured in regards to the upward trend, which is its 50-SMA. CLICK HERE FOR THE CHART
UltraTech Cement Ltd (ULTRACEMCO)
Likely target: Rs 9,500
Upside potential: 11%
The support of 50-SMA has kept the upward momentum floating for the shares of UltraTech Cement. The 50-DMA placed at Rs 8,100-mark remains a significant neckline for any downward trend. A conclusive close over Rs 8,500 means a breakout towards Rs 9,500 levels, as per the daily chart. The stock has risen higher with a gradual upside, experiencing “Higher High, Higher Low” formation. CLICK HERE FOR THE CHART
Orient Cement Ltd (ORIENTCEM)
Likely target: Rs 160
Upside potential: 10%
The stability over the hurdle of Rs 140, which the stock has been failing to cross since September 2022; has spark fresh upside in the stock, as per the weekly chart. A closing basis support of Rs 130 shall ideally act a bolstering level for any decline. The price action denotes a positive rally towards Rs 160 level. CLICK HERE FOR THE CHART
