The document provides a technical analysis of AMBUJACEM stock. It summarizes that the stock has completed a bullish harmonic pattern at 188.75 levels. It is taking support at 61.8% Fibonacci retracement and a rising trend line at 188.50 levels. Momentum indicators are in oversold zones, pointing to a potential bounce in prices. Based on the technical setup, the analyst believes the stock could reach 240 levels in the next few trading sessions and recommends buying at 198 or up to 194, with a stop loss of 185 and target of 240.

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On Daily chart, the stock has completed a “Bullish AB=CD
Harmonic” pattern at 188.75 levels, the co-ordinates of which are
as follows:
Technical Parameter: AB of the leg from 287 to 214.30,BC of the leg
completed at 257.30(i.e.61.8% of AB leg.) ,CD of the leg completed
at 188.75 (i.e. near 161.8% Fibonacci Projection of BC leg).
Recently, the stock has taken support of 61.8% Fibonacci
Retracement from previous rally from 135.10 levels to 287 levels
which suggest upside movement can be seen in coming trading
sessions.
On the other hand, price has been taking support of strong rising
trend line at 188.50 levels, which is acting as crucial support to the
prices.
Furthermore, prices have been trading above 233 WEMA on weekly
chart, which suggest long term trend remains up.
A momentum indicator RSI reading is in oversold zone, which point
out for the possibilities of bounce back in the prices.
Based on the mentioned technical setup, we believe that the stock
could reach towards 240 levels in few trading sessions.
Buy AMBUJACEM @ 198 & Upto 194 SL 185 TGT 240
17th Nov. 2015
TECHNO Buy
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Research Team
Mr. Sumeet Bagadia Associate Director
Kunal Parmar Research Associate
Amit Pathania Research Associate
Vikas Chaudhari Research Associate
Rajnath Yadav Research Associate
Satish Kumar Research Associate
Neeraj Yadav Research Advisor
Trirashmi Ghoderao Research Advisor
17th Nov. 2015
TECHNO buy
Amit Pathania
Digitally signed by Amit Pathania
DN: cn=Amit Pathania, o=Choice Equity Broking Pvt. ltd, ou=Research
Department, email=amit.pathania@choiceindia.com, c=IN
Date: 2015.11.17 16:38:03 +05'30'