The stock of India Cements hit the upper circuit of 20 per cent on Tuesday and Wednesday, and closed at ₹104.6 on the BSE. This rally has breached key resistances at ₹89 and ₹100. There has been a rise in daily volumes over the past three trading sessions. The stock has also breached its 200-day moving average and is trading well above these levels. The stock advanced on Gopikishan S Damani buying 2.75 per cent stake in the company. Investors will watch further developments.