Sell The India Cements Ltd between CMP & Rs.84 ::HDFC Securities

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Current Observation:
 The attached daily timeframe chart of this mid cap cements stock is indicating the negative sequence of lower tops
and bottoms over the last many months.
 Currently, the stock price has made a swing high of around Rs.89.10 and this could be considered as a new lower top
of the sequence. Hence, one may expect continuation of decline from here to form a new lower bottom.
 The display of lack of strength during its upmove in the last couple of weeks seems to have ended. The stock price
has witnessed sharp decline today, which is echoing the strength of bears to pull the stock price lower.
 Daily momentum oscillator like 34 period stochastic has turned down by showing negative crossover signal.
 The chart pattern and momentum is showing an opportunity for a sell trade in India Cements Ltd for near term.

LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3010574