Ultratech has lost 25% of its value in the past two months due to the demonetization impact. I am long on this stock since fundamentally it is a good stock but in the short medium term it will see some selling pressure. With a P/B of 4, these current dips presents good buying opportunities.
Technically note the strong support at 3100 and 2600 levels for this stock and weakness in the RSI indicator. It may be an opportunity to keep adding on dips like it is seen currently.
Technically note the strong support at 3100 and 2600 levels for this stock and weakness in the RSI indicator. It may be an opportunity to keep adding on dips like it is seen currently.
Trade active:
It has moved above 3250 levels today. For short term traders try to book profit between 3350 and 3400