Radhakishan Damani portfolio: The cement stock looks bullish on chart pattern, say stock market experts
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Radhakishan Damani portfolio: Ace investor has raised stake in India Cements Ltd. from 20.73 per cent to 22.76 per cent. As per the latest communication by BSE, market magnet has bought 62,98,686 shares of India Cements, which is 2.03 per cent of the total issued paid up capital of the company.
Following the stake increase in the cement company by Radhakishan Damani, stock market analysts have gone bullish on Indian Cements share price and have advised positional investors to add the stock in their portfolio.
According to stock market analysts, India Cements share price is poised to give upside movement as it is looking bullish on chart pattern. They said that in short term, the stock may go up to ₹180 to ₹200 but after giving breakout above ₹200 levels on closing basis, it may soon go up to ₹225 in near term. They said that positional investors can buy the counter for medium term target of ₹250 per share levels.
Speaking on India Cements share price target for short term; Sumeet Bagadia, Executive Director at Choice Broking said, "The Radhakishan Damani portfolio stock looks bullish on chart pattern. One can buy the stock at current levels for immediate target of ₹200 maintaining stop loss at ₹180. India Cements share price has minor hurdle at ₹200, once it breaks this hurdle and gives fresh breakout on closing basis; we may this stock to surge up to ₹225 in one month time."
Ravi Singh, Vice President & Head of Research at ShareIndia said, "Recently, India Cement corrected from a high of ₹232 and found support near ₹170 levels. The stock has subsequently bounced back from its support levels on the account of healthy volumes. The stock was consolidating in a tight range of ₹170 to ₹180 levels. India Cement trading above the key short term and medium term MAs and momentum readings like the 14-Day RSI is rising mode. We recommend Buy in the range of ₹175 to ₹180 levels for the target of ₹220 levels in short to medium term."
Advising positional investors to hold India Cements shares for short to medium term; Santosh Meena, Head of Research at Swastika Investmart Ltd said, "The counter is in moving up sloping channel formation on a weekly time frame where it took support at lower trend line of the channel after a meaningful correction and manages to bounce back above its 200-DMA where ₹200 is an immediate and important hurdle; above this, we can expect a move towards upper trend line around ₹240 to ₹250 area. On the downside, ₹175 has become near term base; below this, the structure will become weak."