December 17, 2015
UltraTech Cement (NSE Cash)
BUY
` 2800
` 2900 - 2890
` 3080
14 - 21 sessions
Hourly Chart
Breakout area
Volumes picked up during
the right head of the
pattern
Source: Falcon (Chart Time: IST 14.50)
Justification:
The stock is clearly undergoing a consolidation phase over the past few months. Recently, after forming a
‘Double Bottom’ around the weekly ’89 EMA’ level of `2650, the stock gave a modest recovery. On the hourly
chart, we are now observing a probable breakout from the ‘Inverse Head & Shoulder’ pattern at `2595.80.
This development would lead to a confirmation of the ‘Higher Bottom Higher Bottom’ formation on the daily
chart. In addition, the weekly ‘RSI-Smoothened’ momentum oscillator is positively poised. Thus, we advise
traders to buy this stock from current levels to a decline up to `2890 for a target of `3080 in coming
14 to 21 trading sessions. The stop loss for this trade set up can be kept at `2800.
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December 17, 2015
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321
343
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304
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Source: Angel Research
Research Team Tel: 022 - 30940000(Extn: 6552) Website: www.angelbroking.com Email: [email protected]
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