Since our previous target of Ultratech Cement reached perfectly. Now 4530 will act as resistance which is 6month high tasted in May 2017 and 4270 will act as support which breached recently and it may try to taste same before crossing 4530.
One can keep this in account keeping 4270 as Stop loss for 4930 target.
stock is in down trend
attempted a pull back
that as sold into
now at crucial level and trading sideways for the past 3 days
any break from current levels (closing) might resume the trend
one can look into the stock at break below (close) yesterday's low
for targets towards 3921/3847
with sl placed around 4159
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...
It is been observed on Daily chart that the price action breaks below another support levels indicating high pressure of selling and Sellers control over price action. It shall further move down
Target 1: 3040
Target 2: 3000