Let’s analyze the chart pattern for UltraTech Cement.
The chart indicates that UltraTech Cement is currently forming a falling wedge pattern or a falling channel pattern. These patterns are considered bullish and suggest potential upward movement in the stock price.
Here’s what each of these patterns signifies:
Falling Wedge Pattern:
A falling wedge is...
Nifty seems to be bullish
Target range - 18,700 to 19,000
1. Double Bottom
2. Gap up opening
3. Consolidating around 18,100 to 18,300 range
4. FII's are seeping in
5. Indian Economic Growth Forecast
6. Q2 results are good enough + Q3 forecasted to be better
