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Shares of UltraTech Cement Ltd gain as much as 2.54 per cent to Rs 4,109.8, their highest since September 28
The stock has broken above the resistance level at Rs 4,088.25, the 61.8 per cent Fibonacci retracement level of the downtrend from January 17 high to October 23 low.
The breakout suggests that the stock may rise up to the next resistance at Rs 4,283.8, the 76.4 pct retracement level
Trend intensity(TI) indicator rises to 17, suggests that prices are trending upwards. The MACD is positive and above its signal line
The stock is down 7.23 per cent this year as of last close, while the broader NSE Index is up 3.59 per cent in the same period
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