Shares of Orient Cement Ltd surged 8.76 per cent on Tuesday to hit an intraday high of Rs 315.95. The stock was last seen 7.80 per cent up at Rs 313.15. At this price, it has rallied 47.16 per cent in the last six months.
The stock saw high trading volume on BSE as around 3.06 lakh shares changed hands today. The figure was higher than the two-week average volume of 91,000 shares. Turnover on the counter came at Rs 9.40 crore, commanding a market capitalisation (m-cap) of Rs 6,415.47 crore.
On technical setup, Orient Cement looked 'bullish' on daily charts. With that being said, support on the counter could be seen in Rs 305, followed by Rs 292 and Rs 291 levels.
"The price action analysis of Orient Cement has experienced a profit booking rally, with a correction of nearly 27% from its peak. The range of 310-320 is expected to serve as immediate resistance. A decisive recapture of this range is anticipated to attract further bullish strength in the price action. We recommend purchasing the stock as it presents a favourable risk-to-reward opportunity, with a target price of 358 and advise maintaining a stop loss at 291," said Kushal Gandhi, Technical Analyst at StoxBox.
Immediate resistance for the stock will be at Rs 320 level and a decisive close can only trigger next the leg of rally, said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking. Support will be at Rs 305, Singh added.
"Orient Cement stock price is bullish on daily charts with strong support at Rs 291.7. A daily close above resistance of Rs 321.8 could lead to an upside target of Rs 360 in the near term," said Sebi-registered research analyst AR Ramachandran.
The counter traded higher than the 5-day, 10-, 20-, 30-, 100-, 150-day and 200-day simple moving averages (SMAs) but lower than the 50-day SMA. The scrip's 14-day relative strength index (RSI) came at 56.86. A level below 30 is defined as oversold while a value above 70 is considered overbought.
As per BSE, the company's stock has a price-to-equity (P/E) ratio of 34.10 against a price-to-book (P/B) value of 3.41. Earnings per share (EPS) stood at 8.52 with a return on equity (RoE) of 10.01. Promoters held a 37.90 per cent stake in Orient Cement as of June 2024.