Ultratec cement (ultracemco) is trading near 138.2% Fibonacci extension level, this level is widely used for profit booking and many professional traders are ready to book profits now. A correction can be easily ruled-out which will pull this stock towards 1380 level and much lower then after. We would advice traders to short sell ultracemco future near 1510 for positional targets as 1380 and then 1310 level. Placing stop loss at 1565 level on closing basis. Technical indicator such as MACD is showing slow down in current momentum, RSI is above 70 hence stock is currently overbought and selling is expected. Technical analysis is completely in favor of short position on ultracemco future, if we look at the budget 2012 there was surely disappointment in the market. We have seen nifty future correcting more from 5520 to 5290 level, however there will be sideways movement in market till we see some global triggers or Q4 results coming in. Nifty future traders can keep adding long positions to their portfolio as this can be second chance for them. Trader please note that this trading idea is positional and must be held with view of at least 1 month, this is not intraday trade setup.
About Bhaveek PatelBhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.
Can I short sell ultratech cement today, I am also interested in learning technical analysis online. what is position in nifty future next week will it go up or down next week?