Ramco Cements Shares Set For Fresh Highs After ₹1,060 Breakout? SEBI RA Spots Bullish Signals

Ramco Cement's breakout above a long-standing resistance level could be the beginning of a fresh uptrend, according to SEBI-registered analyst Mayank Singh Chandel.

Its bullish breakout on June 9 was extended a session later as the stock reached its highest level since November 2021. At the time of writing, shares were down 0.2% at ₹1,070.25.

Chandel noted that the stock broke out of an ascending triangle pattern, a standard technical setup known for trend continuation.

After breaching the ₹1,060 resistance zone, a level that had held firm for years, Ramco Cement shares rallied 3.08%, closing at ₹1,072.70 on Tuesday.

Chandel said that Ramco Cement shares are trading above their 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a strong uptrend and bullish structure.

The stock has gained 22.27% over the past year, outperforming the BSE Sensex index's 7.7% increase during the same period. Ramco Cements stock increased 14.32% over the past month.

The analyst said that all eyes are now on the ₹1,120–₹1,130 resistance zone, which marks Ramco's all-time highs. If the stock price breaches the zone, it could trigger a fresh uptrend.

Last month, the company reported a 74% year-on-year decline in net profit for the fourth quarter, while revenue fell around 10%. It also declared a dividend of ₹2 per share.

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