The upmove in the stock of Orient Cement is gaining momentum. The strong 9 per cent surge on Wednesday has taken the share price well above a key resistance level of ₹310. This breakout also confirms an inverted head and shoulder bullish pattern on the chart. The region between ₹312 and ₹310 will act as a strong support. Any intermediate dips are likely to find fresh buyers in the market in the ₹312-₹310 support zone.
Orient Cement share price can rise to ₹365-₹370 in the coming weeks. Traders can go long now at ₹328. Accumulate on dips at ₹314. Keep the stop-loss at ₹304 initially. Trail the stop-loss up to ₹335 as soon as the stock goes up to ₹343. Move the stop-loss further up to ₹345 when the share price touches ₹351. Exit the long positions at ₹360.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)