Stock Ideas: Ultratech Cement and JSW Steel Share Price target for next week
Ultratech and JSW Steel Share Price target for next week: We have come up with two new stock ideas based on Technical analysis for the next week. The stocks we have chosen are fundamentally strong from the Nifty 50 index. Our last recommended stocks Infosys and Maruti have achieved the target in two days. You can check our last week’s recommendation here.
The two Stock Ideas for next week are Ultratech Cement and JSW Steel.
Ultratech Cement share price as of 16-10-2020 in NSE| Rs 4482.10
India’s largest cement manufacturer Ultratech Cement is one of the fundamentally strong cement stock in the Nifty 50 index. The company is lined up with Rs1500 cr investments in FY21 in multiple initiatives and targeting to increase its annual capacity to 118 million tonnes from 114.8 million tonnes currently.
The current market price of Ultratech Cement is Rs 4482.10, it has gained 4.27% on weekly basis and 12.92% on a monthly basis. The share price of Ultratech Cement has touched a 52-week high at Rs 4754.1 and a 52-week low at Rs 2910
As per MACD analysis, the share price of Ultratech Cement is looking strong. The MACD line is at 126 and the Signal Line is at 84.6. The exponential moving average (EMA) of the Ultratech Cement share price is in a strong uptrend and has major support levels at Rs 4197-4069-3966
According to Fibonacci retracement, the share price of Ultratech Cement is trading above all key levels. It has major support at Rs 4230-4139 and has resistance levels at Rs4525-Rs4568.
Ultratech Cement Stock trading ideas- Traders can take a position on Monday if the market is positive for the first target 4525- 4568 with the stop loss of Rs 4440. Investors can also buy the stock for a month’s horizon for the target of 4568-4670-4720 with the stop loss of 4315.
JSW Steel share price as of 16-10-2020 in NSE | Rs 311.05
JSW Steel is a steel manufacturing company in the Nifty 50 index having a market cap of Rs 68177.70 Crore. The JSW Steel share price is gaining in the last few days due to strong steel demand and prices in China.
The share price of JSW Steel closed at Rs 311.05 on 16 October. It has gained 6.52% last week and 8.44% on a monthly basis. The share price of JSW Steel has touched a 52-week high at Rs 312.45 and a 52-week low at Rs 132.5.
As per the MACD analysis, the share price of JSW Steel is technically strong. The MACD line is at 6.03 and the Signal line is at 4.62. According to exponential moving average (EMA) analysis, the JSW Steel share price is in a strong uptrend. It has a major support level at 288-273-241
According to Fibonacci retracement analysis, the share price of JSW Steel is trading above all key levels. It has major support at 291-285 and a resistance at 312.45
JSW Steel Stock Trading Ideas- Traders can buy the stock on Monday if the market is positive for the first target 318-326 with the stop loss of 304. Investors can buy the stock for a month’s horizon for the target of 318-326-336 with the stop loss of 292.
You may also like to read, Nifty50 Stocks list | Index | Share price
Weekly share market analysis: Top Nifty gainers and losers
Happy Investing!!
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