"The scrip is facing a resistance at 157 levels and strong support from 52-weeks low at 128 levels. We have a sell recommendation for Orient Cement for target of Rs 129," says Dinesh Rohira, Founder & CEO at 5nance.com.
Orient Cement witnessed a sustained pressure at a higher level around Rs 148 levels coupled with prolonging fall on its monthly price chart despite attempting to rebound.
After registering a 52-week high at Rs 183 level during the past month, a weak vindication dragged the scrip below crucial levels. Last week, it slipped from 200-days EMA levels placed around Rs 141 levels indicating a negative momentum.
The scrip formed a strong bearish candlestick pattern on its weekly price chart as price continued to trade below crucial levels.
Further, the secondary momentum indicator continued to indicate negative signal with RSI at 39 levels coupled with weak support from MACD indicator.
The scrip is facing a resistance at 157 levels and strong support from 52-weeks low at 128 levels. We have a sell recommendation for Orient Cement which is currently trading at Rs 137.90 for target of Rs 129.Disclaimer: The author is Founder & CEO, 5nance.com. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.The Great Diwali Discount!
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