Buy Ambuja Cements; target of Rs 147: IIFL

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Buy Ambuja Cements; target of Rs 147: IIFL

IIFL is bullish on Ambuja Cements and has recommended buy rating on the stock with a target of Rs 147 in its June 7, 2011 research report.

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IIFL is bullish on Ambuja Cements and has recommended buy rating on the stock with a target of Rs 147 in its June 7, 2011 research report.

"Ambuja Cement has broken out of a bullish pattern of inverted head and shoulder above Rs 140 and current pullback can be construed as an attempt of a minor retracement. Based on amplitude of the pattern, it indicates near term target of Rs 150. The daily RSI has been sustaining above the 50 mark reinforcing bullish trend in the counter and any declines is likely to meet with buying interest. Recently stock has pierced above the 200 DMA along with golden cross from 10DMA and 20DMA. Observing price pattern on right shoulder of a 'bullish belt hold' on candlestick on indicate very strong support. We advise buying stock in the range of Rs 138- 139 with stop loss of Rs 135 for target of Rs 147. (Duration 5 days)," says IIFL research report. 

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