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Ultratech Cement Technical Analysis #36: Buy | Target Rs 4200 | Arijit Banerjee

OUR RECOMMENDATION

CMP#4049.15
IdeaBUY
Buy Range3975 – 4050
Target4200 – 4350
StopLoss*3780
Duration25 – 30 Trading Sessions
Potential Return^4 – 7%
CMP#IdeaBuy RangeTargetStopLoss*DurationPotential Return^
4049.15BUY3975 – 40504200 – 4350378025 – 30 Trading Sessions4 – 7%

# CMP on Mar 11, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 4125
^ The returns are calculated based on CMP#

COMPANY OVERVIEW

UltraTech Cement Limited, together with it’s subsidiaries, manufactures and sells cements and cement related products e.g. Portland cement, portland blast furnace slag cement, white cement, ready mix concrete, jointing mortars etc. This Aditya Birla group company export its it’s products to UAE, Bahrain, Bangladesh and Sri Lanka. Ultratech Cement consolidated net profit increased to Rs 393.67 crore from Rs 376.82 crore in QOQ basis.

Stock Data
NSE CodeULTRACEMCO
SectorNifty Commodities
52W High4493.65
52W Low3260.45
Face Value10
Relative Performance_Ultratech Cement vs Nifty Commodities Index

TECHNICAL OBSERVATIONS (WEEKLY)

  • The stock made a ‘Double Bottom’ pattern on the weekly chart.
  • On a weekly chart, the stock has been trading with it’s upward rising trend line since the last 4 weeks and it seems that it could continue with its ongoing move.
Ultratech Cement Weekly Chart
Ultratech Cement Weekly Chart

TECHNICAL OBSERVATIONS (DAILY)

  • The price has taken support at 3370 levels in Mid February and since then the price is sharply bouncing upwards.
  • Price is near to the Upper Bollinger Band.
  • Momentum indicators like the 14-week RSI are in a rising mode which is a positive signal.
Ultratech Cement Daily Chart
Ultratech Cement Daily Chart

MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

The research analysis is prepared by Arijit Banerjee, CMT, CFTe. He is a veteran trader and an active investor having in-depth knowledge in financial market research, advanced technical analysis, market cycle, algorithmic trading and portfolio management. Arijit is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts, USA. SEBI, the regulatory body of Indian financial market also recognizes him as a Research Analyst (INH300006582).

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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