Ultratech Bearish Strategy

Ultratech Cement is up for a bearish move towards 4375/4200/4050. Stock is making LH-LL and weekly charts have generated a bearish crossover. So timeframe may be longer and quicker results not expected. RSI on weekly scale have fallen below 60 mark. One can trade with a bear put spread for August expiry instead of shorting futures directly. Planning to deploy below strategy for August expiry.

+1x 29AUG2019 4300PE - ₹ 57
-2x 29AUG2019 4050PE - ₹ 16
-1x 29AUG2019 5000CE - ₹ 40
Max. Profit ₹ +53,000
Max. Loss ₹ Undefined
Breakeven 3785.0-5015.0
Estimated Margin₹ +403,257
Jul 20
Comment: Disclaimer: As the name suggests, objective of this posts is to educate and help members earn profit from trading. I am not a SEBI registered analyst and strongly recommend people not to trade in NSE/BSE/MCX market basis above recommendations. All the stock ideas/views are momentum picks chosen using technical indicators and for education purpose only. And my views may go wrong. I am not responsible for profit and losses or SEBI audits arising out of the above calls. Stock market trading and investment is subject to market risks. Contact your financial advisor before taking trades or trade at your own risk.

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Aug 02
Comment: Stock made low of 4183. 2nd target met.
Aug 27
Comment: Stock hits all 3 targets. It made low of 3794. Given spread is also running in good profit of 28k approx. Book profit.
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