Heidelberg Cement Analysis: Abhishek Mittal

Heidelberg Cement has shown tremendous strength in the last part of market fall. It is still holding on the 70-73 kind of range. According to Elliot wave Theory there are huge chances
of a probable trade setup as illustrated in the chart above.
The correction of wave 4 can be subdivided as an a-b-c correction. Notice how it managed to hold on to 60.15 (the top of wave 3) this gives us greater confidence that our trade setup could be successful. To add some confirmation to our trade we can buy on a move above the green line or on dips with a stoploss at Rs.60.
To sum up expect a move up to 120-125 as wave 5. keep a strict stoploss at Rs.60.
Happy Trading..!!