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I am holding Equitas Small Finance Bank shares at ₹70.5. What is the short-term outlook for this stock?
Sanjay Kaimal
Equitas Small Finance Bank (₹65.4) : The stock of Equitas Small Finance Bank has a crucial trend support at ₹60, which was tested last week. The stock managed to hold above this support and has risen back well from the low of ₹60.55. As long as it stays above ₹60, the chances are high for it to see a fresh rise in the coming weeks. Immediate resistance is in the ₹69-₹71 region. A strong break above ₹71 can pave the way for a rise to ₹78-₹79. Consider accumulating more at current levels and on dips at ₹62. Keep a stop-loss at ₹58 and hold the stock for a rise to ₹78 where you can consider exiting the long positions. Once the stock price moves above ₹71, move your stop-loss up to ₹66. The bullish outlook will come under pressure on a break below ₹60, which can drag the stock to ₹56 initially and ₹50 eventually.
What is the outlook for Ambuja Cements?
Radha Krishnasharnam
Ambuja Cements (₹413.10) : The stock of Ambuja Cements has been on a strong uptrend since March last year. This uptrend witnessed a short correction in September and most of October. The bounce-back in the last two weeks keeps overall uptrend intact. Immediate resistance is at ₹430. A strong break above it indicates resumption of the overall uptrend.
Such a break can take the stock to ₹480-₹485 in coming weeks. The level of ₹485 is a strong resistance from where another corrective fall to ₹430-₹420 is possible. If the stock fails to rise past ₹430 from here, it can reverse lower again and remain vulnerable for a steeper fall to ₹370-₹350 in the coming months. However, from a long-term perspective, a fall to ₹370-₹350 is a good buying opportunity for investors with a long-term horizon.
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