UltraTech Cement Limited (Daily Chart)

CMP: ~₹12,677 Structure: Distribution Range Breakdown Attempt Range: ₹12,650 – ₹13,100 🔍 What the Chart Is Showing After a strong rally from ~₹11,300 → ₹13,000, price moved into a tight sideways box. Now we’re seeing: Multiple rejections near ₹13,050–₹13,100 Weak closes near range lows A strong red candle breaking below ₹12,650 support This is an early range breakdown signal. 📉 Measured Move Range height ≈ ₹450 Breakdown projection: ₹12,650 – ₹450 ≈ 🎯 ₹12,200 Your arrow toward ₹12,300–₹12,350 zone is technically logical as an intermediate pause. ⚠️ Why This Is Bearish (Short-Term) ❌ Lower highs inside the range ❌ Failure to hold above ₹13k ❌ Breakdown on strong momentum candle ❌ Closing near day’s low It suggests distribution at highs. 📊 Key Levels Immediate Resistance: ₹12,800 Major Resistance: ₹13,000–₹13,100 Breakdown Confirmation: Sustained trade below ₹12,650 Next Supports: ₹12,400 ₹12,200 (measured move zone) Invalidation: Daily close back above ₹12,900 🧠 Bigger Picture Context Unlike some banks you showed earlier, cement names are not showing strong expansion. If Nifty stays weak, high-beta industrials like UltraTech can correct faster. However: ⚡ This is a pullback inside a larger uptrend, not a trend reversal yet. The larger structure is still higher highs + higher lows. 🎯 Trading View Aggressive: Short on pullback toward ₹12,750–₹12,800. Conservative: Wait for follow-through below ₹12,600. Investors: Watch ₹12,200–₹12,300 zone for potential swing re-entry.