The stock has shown a minor break out of the ascending triangle pattern today, coupled with spike in volumes.
Cement stocks are expected to have good results this quarter, and Sagar Cements will be no different.
Also, this stock is expected to be split soon (1:10), which can add on to the momentum.
I feel this can be bought at current price for a target of 1295 (arrived through fibonnaci retracement tool). Stop loss should be maintained at 1090 levels.
Besides the chart pattern and supporting news, the technicals are also placed in a positive territory:
RSI - 66.4 (Bullish but not overbought)
ADX - 41.1 (Suggesting strong Trend)
P.S: This idea is for educational purposes only and should not be construed as an investment advice.
Cement stocks are expected to have good results this quarter, and Sagar Cements will be no different.
Also, this stock is expected to be split soon (1:10), which can add on to the momentum.
I feel this can be bought at current price for a target of 1295 (arrived through fibonnaci retracement tool). Stop loss should be maintained at 1090 levels.
Besides the chart pattern and supporting news, the technicals are also placed in a positive territory:
RSI - 66.4 (Bullish but not overbought)
ADX - 41.1 (Suggesting strong Trend)
P.S: This idea is for educational purposes only and should not be construed as an investment advice.
Trade closed: target reached:
Target achieved on 22nd July '21.