UltraTech Cement Limited Stock Forecast
UltraTech Cement Limited stock downgraded to Hold/Accumulate
(Updated on May 23, 2024)
The UltraTech Cement Limited stock price gained 2.79% on the last trading day (Thursday, 23rd May 2024), rising from ₹9,894.85 to ₹10,170.55. During the last trading day the stock fluctuated 3.50% from a day low at ₹9,855.00 to a day high of ₹10,199.85. The price has risen in 7 of the last 10 days and is up by 7.67% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 241 thousand more shares were traded than the day before. In total, 522 thousand shares were bought and sold for approximately ₹5.31 billion.
The stock has broken the horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. ₹10,016.61 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the stock is predicted to reach ₹10,683.63 sometime during the next 3 months.
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ULTRACEMCO.NS Signals & Forecast
The UltraTech Cement Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ₹9,851.24 and ₹9,724.44. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 09, 2024, and so far it has risen 7.67%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for UltraTech Cement Limited stock
UltraTech Cement Limited finds support from accumulated volume at ₹9,971.85 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ₹344.85 between high and low, or 3.50%. For the last week the stock has had daily average volatility of 1.59%.
Our recommended stop-loss: ₹9,664.76 (-4.97%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 15 days ago.)
Trading Expectations (ULTRACEMCO.NS) For The Upcoming Trading Day Of Friday 24th
For the upcoming trading day on Friday, 24th we expect UltraTech Cement Limited to open at ₹10,075.13, and during the day (based on 14 day Average True Range), to move between ₹9,995.79 and ₹10,345.31, which gives a possible trading interval of +/-₹174.76 (+/-1.72%) up or down from last closing price. If UltraTech Cement Limited takes out the full calculated possible swing range there will be an estimated 3.44% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹9,971.85, some ₹198.70 (1.95%) from the current price of ₹10,170.55, our system finds the risk reward attractive.
Is UltraTech Cement Limited stock A Buy?
UltraTech Cement Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for UltraTech Cement Limited of Friday, May 24, 2024
| Fair opening price May 24, 2024 | Current price |
|---|---|
| ₹10,075.13 ( 0.94%) | ₹10,170.55 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ULTRACEMCO.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 10,419.98 | 2.45 % | |
| R2 | 10,288.25 | 1.16 % | ||
| R1 | 10,206.87 | 0.357 % | ||
| Current price: | 10,170.55 | |||
| Support | S1 | 9,943.40 | -2.23 % | |
| S2 | 9,862.02 | -3.03 % | ||
| S3 | 9,730.28 | -4.33 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 10,170.55 | |||
| Support | S1 | 9,971.85 | -1.95% | |
| S2 | 9,964.45 | -2.03% | ||
| S3 | 9,673.15 | -4.89% |
ULTRACEMCO Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 27, 2023 | Jul 27, 2023 | Jul 27, 2023 | ₹38.00 | 0.458% |
| 2 | Aug 02, 2022 | Aug 02, 2022 | Aug 02, 2022 | ₹38.00 | 0.571% |
| 3 | Aug 02, 2021 | Aug 02, 2021 | Aug 02, 2021 | ₹37.00 | 0.484% |
| 4 | May 20, 2020 | Jul 29, 2020 | Aug 13, 2020 | ₹13.00 | 0.321% |
| 5 | Apr 24, 2019 | Jul 10, 2019 | Jul 19, 2019 | ₹11.50 | 0.254% |
FAQ
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