“Ambuja Cement has given a breakout from the downward sloping resistance line on the daily chart. Even on the hourly basis, the stock has given an upside breakout. Such back to back confirmation on short term and medium term chart supports our buying argument at current levels and provides better risk-reward ratio. The rally was accompanied with a positive crossover in RSI, earmarking inherent strength in the counter. Based on above observations, we recommend traders to buy the stock above Rs 127 with stop loss of Rs 124 for target of Rs 133,” says IIFL research report.