February 13, 2017
The India Cements Ltd. (NSE Cash)
Sell
` 167.30
` 161 - 160
` 148
5 - 10 sessions
Daily Chart
Weakness after a
consolidation
Source: Falcon (Time: 12:00 IST)
Justification:
We have seen a spectacular run in this stock from recent low of 105.10 over the past one and half month. In the course
of action, the stock prices hit new multi-year high of 167.20 and then slipped into a consolidation mode. The weekly
chart now depicts a ‘Long Legged Doji’ and occurrence of such pattern around previous peak indicates some
uncertainty or pause in the ongoing up trend. Today, we are seeing stock prices slipping below ‘5-Day EMA’ for the first
time in the recent time accompanied by the negative crossover of ‘RSI-Smoothened’ on daily chart. All these evidences
indicate some profit booking in the near term. Thus, we advise traders sell this stock at current levels to a bounce up
to `161 for a target of `148 over the next 5 to 10 sessions. The stop loss should be fixed at `167.30.
Sameet J Chavan
022-3935 7600 Extn: 6552
1
February 13, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552)
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