Over the last 3-4 months there has been specific sectors which have outperformed the Index.
We had earlier initiated a view Telecom stocks like Idea at 70, Bharti at 360-380.Later the focus shifted to Auto – Bajaj Auto at 1500. Now it seems Cements will be the next sector to watchout for.
We have been maintaining out long call on Cement stocks since last 1-2 months.
ACC was recommended at 1020 and Guj Ambuja around 130-135.
Yesterday had mentioned about ACC.
Posting the other two charts which are interesting. Also have been recommending Grasim from lower levels.
We are also looking into Midcap/SmallCap Cements. Logically this sector is less affected by Global Concerns.
TECHNICAL ANALYSIS TRAINING MUMBAI on NOVEMBER 5-6
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è The stock is forming a huge Inverted Head and Shoulders which gives a target projection of 1400-1500 + over the long term.
è Multiple attempts have been made at the resistance band of 1150-1180 over the last 1 year. Considering the fact that it has attempted 3-4 times already and is making higher bottoms indicates the stock may breakout above 1180 over the next few months.
è The stock is trading above all leading moving averages in a market which is trading way below leading moving averages shows relative strength for the stock.
è Strong supports are placed at 1050 levels and any dips closer to that should be a point to add more to the stock. Momentum will be seen in the stock once it starts closing above 1150-1180.
è One can accumulate the stock at 1140/1050 with a closing stoploss of 1010 and a long term target of 1300-1500.
è The stock is forming a huge cup and handle pattern which gives a minimum target implication of 180.
è Multiple attempts have been made at the resistance band of 155-160 over the last 3 years. In the last 1 year it has already made 3-4 attempts at that resistance levels indicates a very high probability of it being taken of and the stock going into uncharted territory.
è The stock is trading above all leading moving averages in a market which is trading way below leading moving averages shows relative strength for the stock. So it becomes a very good defensive portfolio pick.
è Dips to 150/143 should be used to accumulate with a stoploss of 136 on closing basis and long term target of 180-200.