NIFTY VIEW
Nifty has shown signs of exhaustion near the 10600 level which was anticipated and the chances of a downward movement in the coming days cannot be ruled out. BankNifty has turned down its trend after 15 days and the sentiment has turned little bit shaky. However, the support for the day is seen at 10470 while the resistance would be at 10570 levels.
BUY ULTRATECH CEMENT
CMP: Rs 3992.35
TARGET: Rs 4250
STOP LOSS: Rs 3840
The stock has witnessed a correction from the peak of 4599 to bottom out at around 3860 levels and currently a positive bullish candle pattern in the daily chart has indicated strength and potential to carry the momentum still further upside and maintain the positive bias. The RSI has shown a steep rise in the recent past with a trend reversal and also with the MACD showing a improvement in the sentiment. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 4250 keeping a stop loss of 3840.
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