Ultratech CementThe Infra sector has been in the limelight and is seen outperforming broader markets. Nifty Infra index is at the cusp of breaking above last one year range. Within the Infra space we
expect the cement stocks to witness catch up activity, among the large cap cement stocks our preferred pick is Ultratech cement which we expect to outperform
The stock has generated a breakout above the falling supply line joining highs signalling resumption of the up move and offers fresh entry opportunity
The base of the recent consolidation is placed at the 50 days EMA currently placed at | 6385 highlighting positive price structure
We expect the stock to head towards | 7290 levels in the coming weeks being the 123.6% external retracement of the September 2022 decline (7029- 6005)
Among oscillators daily MACD has generated a buy signal and is moving above zero line thus validates positive bias
CMP 6728.25 BuyRange 6722-6730Target 6782/6844 Stop Loss 6664.00
