Buy Prism Cement; target of Rs 60.50: IIFL

Prism Cement is about to break through from consolidating flag pattern after prices closing above its 100-DMA yesterday with rise in volumes. The stock also has been making inverted head and shoulder on daily chart and move above Rs56.50 to confirm breakout from its neckline. On downside, Rs54.50 to provide as short term support which corresponds to trough of right shoulder while RSI holding above the levels of Rs50 earmarks inherent strength in the counter. We advise buying the stock above Rs56.50 with stop loss of Rs 54.5 for Target of Rs 60.50,” says IIFL research report.

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