ICICI Direct's research report on UltraTech Cement
Recommendation
Buy UltraTech Cement in range of Rs 3910-3970, Target: Rs 4550, Stop Loss: Rs 3645
Time frame: Three months
Derivatives & Quantitative Outlook
Broader markets have started outperforming along with the Nifty. Select stocks from the infrastructure sector may witness renewed momentum amid a sustained broader market recovery. Cement stocks like UltraTech Cement are likely to perform better in the coming trading sessions along with the ongoing recovery seen in sectoral peers like Ramco Cement and ACC. Since 2017, UltraTech has taken support near Rs 3800 levels on multiple instances. Also, looking at the significant delivery volume activity in March 2020 and then in mid-May 2020, these levels seem very crucial. In such a scenario, the positive bias may continue in the stock till these levels are held.
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