Stocks

UltraTech Cement breaks key resistance; may test ₹ 4,600

Reuters April 25 | Updated on April 25, 2019 Published on April 25, 2019

 

Shares of UltraTech Cement Ltd on Thursday broke above the resistance at ₹ 4,417.73 in early trade, gaining of 3.7 per cent.

The resistance was identified as the 86.4 percent Fibonacci retracement level of the downtrend from January 17, 2018 high to October 23, 2018 low.

On Wednesday, the company has reported March-quarter net profit of ₹1,017 crore ($145.2 million).

The breakout suggests stock may now test the next resistance at ₹ 4,600 , the 100 percent retracement level.

Trend intensity (TI) indicator rises two points to 30, suggests and uptrend for the stock, MACD is positive and above its signal line.

The stock is up 11.8 percent in the last one month, outperforming the broader NSE Index's 2.4 per cent gain in the same period.

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Published on April 25, 2019
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