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The stock of HeidelbergCement India surged 4.8 per cent on Thursday with above average volume, decisively breaking a key resistance at ₹77. This breakthrough provides buying opportunity for investors with a short-term perspective. After finding support at around the long-term base level of ₹60 in early June, the stock changed direction. While trending up, a significant support at ₹70 provided cushion for the stock over the past two months.
The stock has also surpassed its 200-day moving average at around ₹75 during the rally, and now hovers well above 21- and 50-day moving averages. The relative strength index in the daily indicator has entered the bullish zone from the neutral region.
The short-term outlook is bullish for the stock. It can continue the upmove and reach the price target of ₹85.5 and ₹87 in the upcoming trading sessions. Buy the stock with a stop-loss at ₹80.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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