December 17, 2015
UltraTech Cement (NSE Cash)
2900 - 2890
14 - 21 sessions
Volumes picked up during
the right head of the
Source: Falcon (Chart Time: IST 14.50)
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
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.
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
December 17, 2015
Last 8 recommendations
Recom. Buying/Selling Range CMP
Target 2 Stop-loss
189 - 188
140 - 138
79.50 - 79
849 - 843
296 - 294
816 - 810
SL Revised to 815
3690 - 3710
318 - 315
SL Revised to 315
Source: Angel Research
Research Team Tel: 022 - 30940000(Extn: 6552) Website:
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