India Cements jumps 10.7% from fresh 52-week low

The India Cements Limited shares rose up to 10.72% on 21 October from a fresh 52-week low. The Fibonacci level at Rs 336 is resistance and Rs 286 is support. The India Cements Limited [

] shares rose up to 10.72% on 21 October and traded at Rs 323.50, a day after hitting a fresh 52-week low. The session opened at Rs 298.40, touched a low of Rs 296.55 and a high of Rs 325.90. The move came with a sharp rise in volume, which shows buying interest. The stock has been in a downtrend since a peak near Rs 416.40, with lower highs and lower lows. It formed a base before today’s rebound. In my view, this is a rebound within a downtrend. Measured on the fall from Rs 416.40 to the Rs 286.50 low, the 23.6% Fibonacci level is at Rs 317.16, and the stock has moved above it. The next levels are 38.2% at Rs 336.12, 50% at Rs 351.45 and 61.8% at Rs 366.78. A move above Rs 336 would bring Rs 351.45 into focus. A fall below the Rs 286 support, the 52-week low, would put the rebound at risk. Neutral stance while price trades between Rs 286 and Rs 336. Disclaimer: I do not hold any position in this. This content is for informational purposes only and is not a recommendation to buy or sell. Investments in securities are subject to market risks. Please read all related documents carefully before investing.