HeidelbergCement India gives trendline breakout
The stock of HeidelbergCement India has given downward sloping trendline breakout on the daily time frame, along with relatively higher volumes. Additionally, the stock had formed a sizeable bullish candle in the breakout day which adds strength to the breakout.
The major trend of the stock is bullish as it is trading above its weekly pivot and above its long-short term moving averages, i.e. 20-day, 50-day, 100-day and 200-day EMAs. These moving averages are exactly in an ascending order, which suggests that the trend is strong. The leading indicator RSI is currently quoting at 58.24 and it has also recently given downward sloping trendline breakout. The stochastic oscillator is also suggesting some bullish strength as %K is above the %D. The daily MACD stays bullish as it is trading above the zero line and signal line.
Going ahead, the stock has immediate support in the zone of Rs. 199-198 as the 13-day EMA and 20-day EMA is placed in that region, while the major support is placed in the zone of Rs. 194.80-194 as it is the confluence of 50-day EMA and the downward sloping trendline support. On the higher side, any sustainable move above the level of Rs. 208.50 is likely to open up gates for further rally towards the levels of Rs. 215, followed by Rs 220.
On Friday, the stock of HeidelbergCement India closed at Rs. 206.60 per share, surged by 5.14 per cent. The stock opened at Rs. 195.80 per share and hit an intraday high of Rs. 208.40 and a low of Rs. 195.15 per share on BSE.