In the previous session, the Nifty Index saw a negative opening in the morning session and extended losses as the day progressed. The index witnessed the selling pressure throughout the day and closed with a net loss of 353.70 points. Technically, the index formed a strong Bearish candle on the chart. After a deep cut in the index, some recovery can be expected for the next trading day. Hence a sector and stock specific selection is advisable for the next trading day.

Look at the below research report of Stocks to Buy for – Friday, October 29, 2021’before the market opens.

UltraTech Cement Ltd

NSE :ULTRACEMCO   BSE :532538  Sector : Cement

Since the last two trading sessions, we have seen good buying in the Cement sector. We have shown the chart of ULTRACEMCO. Stock formed a Bullish candle on the chart and closed with a net gain of 1%. At the same time, stock prices are moving in the form of Higher Highs and Higher Lows pattern.

As per Band Bollinger indicator, Prices are comfortably closed above the Middle Bollinger Band which is a sign of bullishness for the coming session as long as the lower Band is intact on downside. The Relative Strength Index (RSI) on the daily chart is 54 and it is moving above previous high.

In short, ULTRACEMCO has continued to trade in the positive zone. Now a move above previous day high above 7500 will confirm the continuation of the uptrend and open up gates for higher levels towards 7670/7850. As far as we do not see any closing below 7250 on the lower side. As the market looks to be volatile, use a trailing stop loss method to protect your profit.

Check More Analysis on ULTRACEMCO at: UltraTech Cement Ltd