ICICI Direct - Quant Pick - UltraTech Cement

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 in sectoral peers like Ambuja Cement and ACC.

Since May 2021, UltraTech has taken support near Rs. 6600-6700 levels on multiple instances. Also, looking at the significant delivery volume activity in May 2021 and then in mid-June 2021, 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: Link to the report

Shares of ULTRATECH CEMENT LTD. was last trading in BSE at Rs.6935.3 as compared to the previous close of Rs. 6718.7. The total number of shares traded during the day was 25496 in over 4170 trades.

The stock hit an intraday high of Rs. 6997.1 and intraday low of 6735. The net turnover during the day was Rs. 176575411.

Source : Equity Bulls

Keywords