On the daily chart, Ambuja Cement has fallen below the support of its 100-DMA and 200-DMA on Friday’s trading session
IIFL has recommended selling of Ambuja Cement May futures below Rs 130 for a target of Rs 123.
On the daily chart, Ambuja Cement has fallen below the support of its 100-DMA and 200-DMA on Friday’s trading session, suggesting that the likelihood of further upside over the short-term has diminished.
For now, the risk/return of establishing long positions is less than ideal. On several occasions in last two weeks, the stock had bounced back from its 200-DMA.
However, it closed below the important moving average. Moreover, appearance of falling tops signifies the bulls inability to form higher highs.
"Based on above mentioned technical evidences, we recommend traders to short Ambuja Cement May Futures below Rs 130 with stop loss of Rs 133 for a target of Rs 123," the brokerage said in a note.
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