Charts of steel stocks signal further downside, indicating a fall up to 20 per cent in select shares; cement counters indicate a wait-and-watch approach
Ambuja Cement is exhibits a positive bias, and is likely to further gains on follow-up buying; whereas other cement stocks need to overcome major hurdles.
13 stocks from the Nifty Midcap index and 18 from the Nifty Smallcap index hit fresh 52-weeks lows during the current week
Ambuja Cements, The Ramco Cements look weak on charts, while UltraTech Cement seems the best bet in the sector.
Ambuja Cements and India Cements charts indicate breakout of 'Inverse Head and Shoulder' pattern, thus a bullish trend ahead.