The cement stocks have had a great 2023 and many are looking to carry the run forward into 2024 as well.
India Cements was spotted displaying a minor Wave I from Nov 1 till Dec 14.In this wave the stock swiftly moved 35% up in a short time of 1.5months
Wave II was a 38.2% retracement of the wave I.
Between Dec 21 and Jan 4 the stock completed a leading diagonal which is the first leg to the bigger Wave III anticipated in the stock.
The wave III target is projected at INR 325-340 zone and the stock should be expected to gain a strong momentum in coming days once it closes decisively above the INR 275 mark.
On the down INR 245 could be considered for a "SL".
India Cements was spotted displaying a minor Wave I from Nov 1 till Dec 14.In this wave the stock swiftly moved 35% up in a short time of 1.5months
Wave II was a 38.2% retracement of the wave I.
Between Dec 21 and Jan 4 the stock completed a leading diagonal which is the first leg to the bigger Wave III anticipated in the stock.
The wave III target is projected at INR 325-340 zone and the stock should be expected to gain a strong momentum in coming days once it closes decisively above the INR 275 mark.
On the down INR 245 could be considered for a "SL".