RIL has recently experienced a notable upward surge. However, a recent breakdown, coupled with substantial trading volumes, underscores the presence of robust resistance levels at higher prices.
Following the upgrades, Ultratech shares jumped 3.5% to hit a 52-week high of Rs 10,379.70 on BSE. Dalmia Bharat stock rose 3% to Rs 2,301.70, while that of The Ramco Cements went up by 5% to Rs 1,037.45. Shree Cement was also trading about 1% higher.
UltraTech Cement has witnessed a breakout of a triangle formation with huge volumes. After reaching all-time high level of Rs 8,869, the stock has experienced profit booking.
For the September quarter, the country’s largest cement maker reported strong numbers with double-digit growth in both volumes and revenue. The operating profit grew a healthy 37%, led by higher ready-mix concrete (RMC) revenue.