SHORT-TERM TRADING TIPS - Buy Ambuja Cements; target of Rs 163: Aditya Birla Money

Aditya Birla Money is bullish on Ambuja Cements and has recommended buy rating on the stock with a target of Rs 163-165 in its April 18, 2011 research report.

“Ambuja Cement, prices have pulled back slightly after breaking above the higher end of the prior consolidation last week. The 14-day RSI is staying mixed near the overbought territory while the MACD (12/26/9) is moving flat above its signal line. Hence a break above immediate resistance near Rs 153.5/154 levels could signal the resumption of prevailing up trend and keep the sentiment positive towards Rs 165 levels subsequently.”

“On the downside, prices find support near Rs 147 (formed by the previous minor swing low and the 13-day EMA). Only an early close below it would invite a downside correction in prices towards 140 levels and lower negating the expected gains. Outlook remains positive as long the stock stays above Rs 147. However, one may consider buying only a break above Rs 153.50, with a stop loss of Rs 149 and target of Rs 163/165,” says Aditya Birla Money research report. (source: moneycontrol.com)

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