February 22, 2016
UltraTech Cement (NSE Cash)
BUY
`2790
` 2890 - 2880
` 3070
14 - 21 sessions
Daily Chart
Breakout from a
‘Cup & Handle’
pattern
Source: Falcon (Chart Time: 09:42 IST)
Justification:
This stock has been a clear outperformer within the ‘Cement’ space in the recent past. After consolidating for a
while, this stock has broken out from the multiple resistance zone around `2860. This price development
resembles a ‘Cup and Handle’ pattern, which has a bullish implication. Momentum oscillator on the weekly
chart is positively poised; indicating a good up move in the near term. On weekly chart, the stock is trading tad
below its resistance of ‘Parabolic SAR’ indicator; but, looking at the ongoing momentum, we expect it to be
crossed soon. Thus, we advise traders to buy this stock from current level to a decline to ` 2890 for a target of
` 3070 in coming 14 to 21 trading sessions. The stop loss for this trade set up can be kept at ` 2790.
1
February 22, 2016
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Booked at 191
Source: Angel research
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