Ultratech Cement Hits Record High: SEBI RA Sees More Upside Ahead

Ultratech Cement hit fresh record highs on Thursday after it decisively broke above a key resistance zone in its previous trading session. At the time of writing, the stock had added to Wednesday’s gains, climbing 1% higher to ₹12,544.

The stock had rallied as much as 2.3% before settling down to close at ₹12,436 on Wednesday.

Rising volumes supported the candle, adding credibility to the breakout, noted SEBI-registered analyst Financial Independence.

The Relative Strength Index (RSI), currently at 74.5, indicates that the stock is approaching overbought territory. This makes it a good zone for short-term caution or partial profit booking, the analyst said.

Overall, the price structure remains positive, forming a series of higher highs and higher lows.

If UltraTech sustains above ₹12,500 with strong volumes, the next immediate targets could be in the range of ₹12,700 to ₹12,850, they said.

On the downside, the support base has shifted to the ₹12,000 - ₹12,100 zone, which could act as a cushion in case of any pullback.

In recent news, as part of its expansion strategy, the cement major commissioned its second cement grinding mill in Madhya Pradesh, adding 1.8 million tonnes per annum (mtpa) to its production capacity. 

The cement company reported a 10% increase in consolidated net profit for Q4.

Year-to-date (YTD), the shares had gained nearly 10%.

For updates and corrections, email newsroom[at]stocktwits[dot]com.