In the previous session, the Nifty index opened on a positive note and made a high near 17527 level. Later we saw consolidation on the higher side throughout the day. The Index formed a Bullish Candle on the daily chart and closed with a net gain of 175 points. Due to uncertainty in global market, a cautious approach is advisable for tomorrow.

Look at the below research report of ‘Stocks to Buy for Wednesday, October 19, 2022’before the market opens.

UltraTech Cement Ltd.

In the last trading day, ULTRACEMCO share prices formed a bullish candle on the chart and closed with a net gain of 1.20%. On the daily chart, we can see that prices have formed a ‘Double Bottom pattern’ and are currently placed near the Neckline resistance zone. 6382 level has now become an important resistance for the stock. In the previous session, stock retested the same level with positive momentum but didn’t close above the break out zone. The Relative Strength Index (RSI) on the daily chart is 52.15, indicating bullishness.

In short, the trend for ULTRACEMCOlooks to be positive for now. Positions can be created only above 6382 levels, which can take prices towards 6583 levels. If the price will sustain above 6583 levels, then we will review this stock again.

Check More Analysis on ULTRACEMCO at: UltraTech Cement Ltd