Cement News

Consider buying India Cements, 3M India on dips, recommends Mehul Kothari





3M India


BUY


Closer to: Rs 21,800


Target: Rs 24,250


Stop Loss: Rs 20,500


The stock has confirmed an inverse head and shoulder breakout above Rs 21,800 level and looks strong with a time frame of 2 – 3 weeks.


The theoretical target for the pattern comes around Rs 26,000. Thus, we advise traders to go long in 3M India near Rs 21,800 with a stop loss of Rs 20,500 for an upside target of Rs 24,250.


India Cements


BUY


Closer to: Rs 155


Target: Rs 170


Stop Loss: Rs 145


Due to oversold conditions, we witnessed some short unwinding in India Cements during the recent trading sessions.


On the weekly chart, we are observing a bullish hammer formation. There is some decent built up at 160 strike Call option and once the stock starts trading above Rs 160 we can expect short covering.


There is a possibility of pullback rally in the stock in the coming few trading sessions.


(Mehul Kothari – AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).

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