Cement stocks are signalling up to 16% upside

Published On: Wednesday, July 7, 2021 | By: Team KnowMyStock

Shares of cement companies are showing positive signals on tech charts While the S&P BSE Sensex managed to stage a new all-time high of 53,129 yesterday(6th July 2021); the overall sentiment remains tepid. The current momentum in the cement sector indicates an upside of nearly 10 percent in select stocks. Further, if the breakout is supported by volume, the sector could be in for a sharp upside in the short term. Shares of UltraTech Cement and Grasim Industries, for instance, are only a few bucks short of their lifetime high of Rs 7,055 and Rs 1,547, respectively. Even fundamentally, the outlook for the cement sector remains strong. " All key consumption drivers are showing signs of traction, which will aid the cement companies to sustain robust earnings growth. Thus, a valuation re-rating is on the cards for the cement companies in light of promising growth visibility," say some research analysts.

Here's a look at what tech charts are indicating for the leading cement players:

1. ACC Ltd

Likely target: Rs 2,200 to Rs 2,300 (after crossing Rs 2,050)

Upside potential: 7% to 12%

2. UltraTech Cement Ltd

Likely target: Rs 7,500 to Rs 7,700 (breakout above Rs 7,000)

Upside potential: 7% to 10%

3. Ambuja Cements

Likely target: Rs 370 to Rs 380

Upside potential: 5% to 7%

4. Grasim Industries Ltd

Likely target: Rs 1,650 to Rs 1,710 (after a close above Rs 1,520)

Upside potential: 8% to 12%

5. The Ramco Cements Ltd (RAMCOCEM)

Likely target: Rs 1,200 and Rs 1,280

Upside potential: 11% and 16%

6. India Cements Ltd

Likely target: Rs 210 and Rs 218 (after crossing Rs 200)

Upside potential: 5% and 9%

Closing Bell: Sensex gains 85 points, Nifty at 18755.90

Closing Bell:Sensex gains 418 points, Nifty at 18716.15

MARKET UPDATE: Sensex rose 135 points to 62761, and the NSE Nifty50 moved 40 points higher to 18,600

Closing Bell: Sensex down 223 points, Nifty at 18,563

MARKET UPDATE: Sensex surged over 100 points to trade around 62,962 levels, whereas Nifty50 climbed over 30 points to trade above 18,650 levels

MARKET UPDATE: Sensex gained over 50 points to trade around 63,228 levels, whereas Nifty50 traded marginally above 18,700 levels

MARKET UPDATE: Sensex surged over 150 points to trade around 62,988 levels, whereas Nifty50 gained over 50 points to trade above 18,650 levels

MARKET UPDATE: Sensex traded flat at 62,777 levels, whereas Nifty50 was flat above 18,600 levels

Closing Bell: Sensex up 240 points, Nifty at 18593.85

MARKET UPDATE: Sensex rallied over 300 points, whereas Nifty50 gained over 50 points to trade above 18,600 levels

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