Stock of the day : Buy UltraTech Cement Ltd For Target Rs.84 - Religare Broking Ltd
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UltraTech Cement Ltd
* ULTRATECH has formed distribution pattern i.e. Head and Shoulder pattern, suggests bearish to continue ahead.
* The stock has given breakdown from its short term moving average i.e. 50 DEMA.
* The price pattern coupled with bearish sentiment suggests prices are likely to remain under pressure.
* We thus recommend creating short positions through the Put option
Buy UltraTech Cement Ltd CMP 34.00; Range 33-35; SL 10; Target 84
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