Mostly cement stocks have gained substantially in the last two trading sessions and Ambaja Cement is also trading in tandem with the trend. It surged almost vertically from the support zone of the medium-term moving average (100 EMA) on the daily chart and made a new record high as well. The chart pattern, combined with recent buoyancy in the market, is pointing towards a steady up move ahead. Traders can create fresh longs on any dip in the given range.
MothersonSumi has retraced marginally and tested the support zone around 140, taking a breather after a strong recovery from the March 2020 lows. It has formed a fresh buying pivot now and looks all set to resume the uptrend. We thus advise creating fresh longs in the mentioned zone.
We're seeing a gradual recovery in media stocks and Zee Entertainment
is also participating in the move now. It has witnessed a fresh breakout on February 2, after spending nearly one and a half months in a consolidation range. Indications are in the favour of recent momentum to extend further. Traders shouldn’t miss this opportunity and create fresh longs in the given range.
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