Ultratech Cement | Sustaining above a crucial resistance | Latest stock market news

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Stock name: Ultratech Cement

Pattern: Sustaining above a crucial resistance

Time frame: Daily

Observation: The stock has been in a downtrend since November 2021 and has recently started relief rally in June 2022. The stock is up 25% in the last one month. The stock has very recently broken the 38.2% Fib level and is sustaining above it with strength. The stock may approach 50% and 61.8% Fib levels if the same momentum continues.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1) Q1 FY23 result update: Larsen and Toubro: Revenue down 33% and PBT down 48% on QoQ basis - with the main decline coming from the infra projects segment. Company secured orders worth ₹ 41,805 crores at the group level during the quarter ended June 2022, registering a growth of 57% YoY. The consolidated order book of the group is at a record ₹ 3,63,448 crore as on June 30, 2022, with international orders having a share of 28%.

2) The International Monetary Fund (IMF) yesterday cut the global growth outlook and warned that the world may soon be on the brink of a recession. Global economic expansion will likely slow to 3.2% this year, slower than the 3.6% forecast by the fund in April. The outlook for India has been revised down by 0.8%, to 7.4%.

3) Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles has asserted that India should be aspiring for much faster and much deeper growth. Even at 8% growth in our GDP over the next 30 years, India may be well beyond $30 trillion economy.

4) Aavas Financers, Ajanta Pharma, Apar Industries, Bajaj Finserv, Bajaj Holdings, Bharat Bijlee, Chalet Hotels, Dr Lal Pathlabs, Dr Reddys, Equitas Bank, GMM Phaudler, IFB Industries, Jamna Auto, Junlibilant Foodworks, M&M Finance, Motilal Oswal, Nestle, NIIT, Nippon, PNB, PNB Housing finance, RITES, SBI Cards, SBI Life, Shree Cements, Sona BLW, TTK Prestige, TVS Motors and Vedanta are amongst the companies that will be declaring their results tomorrow.