Sell Ambuja Cements Fut; target of Rs 129: IIFL – Moneycontrol.com
Published on Tue, Sep 06, 2011 at 14:48 | Source : Moneycontrol.com
Updated at Tue, Sep 06, 2011 at 15:00
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Sell Ambuja Cements Fut; target of Rs 129: IIFL
According to IIFL, traders can sell Ambuja Cement September Futures below Rs132 with stop loss of Rs 134.50 for target of Rs 127, in its September 6, 2011 research report.
�The recent pullback in Ambuja Cement from the low of Rs120 has fizzled out around its 200-DMA (Rs134), as we saw a sharp cut on Monday. In yesterday�s session the stock fell below the support of its 100-DMA and 200-DMA, suggesting continuation of the downtrend. From last one week, the stock had been stalling around its 200-DMA, a breakdown from its rangebound movement implies that downtrend in the counter is likely to prevail in the coming days. We advise going short on Ambuja Cement September Futures below Rs132 with stop loss of Rs 134.50 for target of Rs 127,� says IIFL research report.
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