November 03, 2015
UltraTech Cement (NSE Cash)
BUY
` 2870
` 2960 - 2940
` 3120
5-10 sessions
2900
2870
3000
3080
Bullish
Breakout from
a Trend Line
resistance
RSI support at 50
Source: Falcon (Chart Time - IST 10.23)
At present, this stock is in a long consolidation phase with a broader perspective.
Within this phase, we are now seeing some signs of shirt term strength. On the daily chart, the stock
is on the verge of confirming a breakout from the ‘Downward Sloping trend Line’ around 2950.
Looking at the hourly chart structure and positive placement of the weekly ‘RSI-Smoothened’
oscillator, we expect a good upside in the near term.
Thus, we advise traders to buy this stock from current level to a decline up to ` 2940 for a
target of ` 3120 in coming 5 to 10 trading sessions. The stop loss for this trade set up can be
kept at ` 2870.
November 03, 2015
UltraTech Cement (NSE Cash)
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