Buy UltraTech Cement in range of Rs. 3910-3970
Target: Rs. 4550
Stop Loss: Rs. 3645
Time frame: Three months
Derivatives & Quantitative Outlook
Broader markets have started outperforming along with the Nifty. Select stocks from the infrastructure sector may witness renewed momentum amid a sustained broader market recovery. Cement stocks like UltraTech Cement are likely to perform better in the coming trading sessions along with the ongoing recovery seen in sectoral peers like Ramco Cement and ACC.
Since 2017, UltraTech has taken support near Rs. 3800 levels on multiple instances. Also, looking at the significant delivery volume activity in March 2020 and then in mid-May 2020, these levels seem very crucial. In such a scenario, the positive bias may continue in the stock till these levels are held.
For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_QuantPick_UltraTech_Sep20.pdf
Shares of ULTRATECH CEMENT LTD. was last trading in BSE at Rs.4004.7 as compared to the previous close of Rs. 3965.25. The total number of shares traded during the day was 5745 in over 1115 trades.
The stock hit an intraday high of Rs. 4019.1 and intraday low of 3953. The net turnover during the day was Rs. 22914148.