UltraTech Cement rises on bargain hunting

22 Nov 2022 , 03:08 PM

The stock fell 3.14% in the past four sessions to end at Rs 6,743.05 yesterday, from its recent closing high of Rs 6,961.40 recorded on 15 November 2022. On the BSE, 21,067 shares were traded in the counter so far compared with average daily volumes of 11,535 shares in the past two weeks. The stock hit a high of Rs 6,915.4 and a low of Rs 6,743.05 so far during the day. The stock hit a 52-week high of Rs 7,947.9 on 17 January 2022. The stock hit a 52-week low of Rs 5,158.05 on 17 June 2022. The stock had outperformed the market over the past one month, advancing 6.58% compared with 2.6% rise in the Sensex. The scrip had also outperformed the market in past three months, rising 5.17% as against Sensexs 4% rise. However, the counter had underperformed the market in past one year, falling 10.7% as against 5% jump in Sensex. On the technical front, the stocks daily RSI (relative strength index) stood at 57.638. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30. On the daily chart, the stock is trading above its 50-day, 100-day and 200 day simple moving average (SMA) placed at 6,517.57, 6,412.09 and 6,375.91, respectively. These levels will act as crucial support zones in near term. UltraTech Cement is the third largest cement producer in the world, outside of China, with a consolidated Grey Cement capacity of 121.25 MTPA. The cement majors consolidated net profit tumbled 42.47% to Rs 756 crore on 15.78% increase in net sales to Rs 13,596 crore in Q2 FY23 over Q2 FY22. Powered by Capital Market – Live News