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The stock of UltraTech Cement, unable to surpass the hurdle at ₹7,000, has been on a decline over the past few sessions. On Monday, it closed below the support at ₹6,800 confirming a double top pattern. This pattern hints at further fall from here, potentially to ₹6,600.
The price action also indicates that fall could occur soon and therefore we suggest traders to consider this stock for intraday short positions on Tuesday. That said, the stock could see its price inch up to ₹6,785 and then reverse lower, eventually declining to ₹6,600. So, traders can short at ₹6,743 and at ₹6,785; stop-loss can be placed at ₹6,830. Exit the shorts at ₹6,600.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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