What should traders do with this trending small-cap cement stock?

Trending Company

by 5paisa Research Team Last Updated: Feb 25, 2023 - 11:18 am 701 Views
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The shares of STARCEMENT have witnessed strong buying interest despite weakness in the market on February 24

Despite strong volatility witnessed in the market for the past few days, stock-specific action is the prime focus amongst the traders. Good quality stocks are being bought at strong support levels and good trading action has been seen lately. One such stock is Star Cement (NSE Code - STARCEMENT), which has seen huge buying interest during the initial hour of Friday’s trading session as it surged nearly 4% accompanied by rising volumes.

The Rs 4500 crore market cap company is one of the leading cement companies in North-Eastern India and one of the fastest-growing cement brands in West Bengal & Bihar, acquiring a strong foothold in the Indian cement Industry. Star Cement Ltd has established itself as the most accredited brand in the region for providing high-quality cement and fair pricing.

Technical analysis 

Technically, the stock has registered a breakout from its triangle pattern with massive volumes. It has also crossed above its short and medium-term moving averages. Interestingly, all the moving averages are in an uptrend and thus, showcase strong momentum across all timeframes. Moreover, the 14-period daily RSI (54.25) has crossed above its prior swing high and indicates rising strength in the stock. The MACD has finally signalled a bullish crossover. The OBV remains elevated and demonstrates strong buying activity. The Relative Strength is positive and shows the outperformance of the stock against the broader market. With the positive price action and bullish technical parameters, the stock is expected to see a good upside in the short-medium term as per the technical analysis.

Stock price movement of Star Cement 

Medium-term resistance lies at the Rs 120 level, followed by Rs 125 level. Meanwhile, immediate support is placed at Rs 108 level. In the past one year, the stock has generated nearly 30% returns to its shareholders and has outperformed most of its peers during the period.

Currently, the shares of STARCEMENT trade at the Rs 114 level on the NSE. Keep a close watch on this stock in upcoming trading sessions.

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