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Last Updated : Sep 18, 2020 04:50 PM IST | Source: Moneycontrol.com

Quant Pick - UltraTech Cement: ICICI Direct

According to ICICI Direct, 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.

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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.


For all recommendations report, click here


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First Published on Sep 18, 2020 04:50 pm
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