Trade Idea of The Day - UltraTech Cement Ltd Target Rs. 275 - Religare Broking Ltd
UltraTech Cement Ltd
BUY 29 SEP 11500 CALL Entry Range 165 – 175 Target 275 Stop Loss 110
Rationale
• ULTRACEMCO has shown signs of a potential base formation after consolidating in the 11,200–11,600 zone. The stock is currently holding above the rising trendline support, indicating that downside pressure may be gradually losing momentum.
• From the technical perspective, Stock prices are holding above the long-term moving averages of 100-WEMA and sustained trading above this zone may trigger a bullish reversal and prices may inched higher towards the 12,000-12,300.
• Momentum indicators remain mixed, with RSI hovering above the 40 mark and MACD trading in positive territory on the weekly timeframe, suggesting that the reversal may be confirmed in coming sessions.
• On the downside, 11,000-11,200 remains an important support area. Sustaining above this zone would strengthen the base-building structure, while a decisive breakdown could negate the reversal setup and resume the corrective trend.
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