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Buy India Cements June Future: Aditya Birla Money
According to Aditya Birla Money, traders can buy India Cements June Future above Rs 70.10 with a closing stop loss of Rs 67 for an initial target of Rs 75, in its June 27, 2011 research report.
According to Aditya Birla Money, traders can buy India Cements June Future above Rs 70.10 with a closing stop loss of Rs 67 for an initial target of Rs 75, in its June 27, 2011 research report.
"India Cements fell sharply towards the lower end of the falling channel initially however took support there and recovered to end the session with decent losses on Friday. Prices have formed a Hammer candle stick pattern which signifies a weakening bearish sentiment at an important support level. Hence further follow through buying above 70.10 levels in the session ahead would indicate a short-term trend reversal and invite a minor upside recovery which finds resistance near 72 levels and then near 75. Short-term oscillators are also oversold and leave scope for the said recovery."
"On the downside, support is seen near 68 and then at the recent low of 66.75. Immediate fall below the latter will negate the possibility of any upside recovery and continue to keep the sentiment weak towards 65 and lower. Buy India cements futures initially above 70.10 and then any dips to 68.60, with a closing SL of 67 for a possible target of 75," says Aditya Birla Money research report.
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