Trade Idea of The Day - UltraTech Cement Ltd Target Rs. 300 - Religare Broking Ltd
UltraTech Cement Ltd
Buy 25 AUG 11800 CALL SELL 25 AUG 12200 CALL Entry Range (Outflow) 150 - 160 Target 300 Stop Loss 90
Rationale
1. On the daily chart, ULTRACEMCO continues to trade above its 20-DEMA and 50-DEMA, indicating that the medium-term trend remains firmly positive. The stock has witnessed a steady recovery from lower levels and is forming a sequence of higher highs and higher lows, reflecting sustained buying interest.
2. Momentum indicators also support the bullish outlook. The 14-Day RSI hover near the 60 mark, suggesting strengthening buying momentum without entering the overbought zone. Meanwhile, the MACD remains in positive territory with a bullish crossover, indicating improving momentum and the possibility of further upside in the coming sessions.
3. The recent consolidation near the 11,800 zone appears to be a healthy pause after the sharp recovery, with buyers absorbing supply at higher levels. This price action indicates accumulation rather than distribution, increasing the probability of a fresh breakout if the stock sustains above the immediate resistance zone around 12,200-12,300.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ00017433
