UltraTech Cement Ltd ₹10,600 retest meets firmer momentum

is attempting to rebound after revisiting the ₹10,600–₹10,700 support region. The displayed daily candle has risen from an opening price of ₹10,736 to ₹10,850, although its retreat from ₹10,940 leaves an upper shadow. Buyers have responded, but selling remains visible above the current price. The repeated test of the September low makes this area worth watching. It offers the possibility of a base, provided subsequent candles hold support and recover the intervening swing high around ₹11,150–₹11,200. A double bottom would require that confirmation. The moving averages still point down. The 20-day average at ₹10,974.85 is below the 55-day average at ₹11,478.56, with both sloping lower. The shorter average is approaching price, but has yet to establish a sustained sideways turn. A recovery through ₹10,975–₹11,000 would therefore be the first technical improvement. MACD provides a more encouraging detail. Its line at −147.37 is marginally above the signal at −151.43, leaving a positive histogram of 4.06. This shows that downside momentum has eased despite price returning towards its September lows. However, the histogram has contracted from its recent positive peak, so the improvement needs renewed buying to persist. UltraTech’s cement business is sensitive to realisations, fuel costs and freight expenses alongside construction demand. Better volumes alone do not settle the earnings outlook if costs or pricing move against the business. The chart’s immediate task is to reclaim ₹11,000 and then ₹11,200. Failure to defend ₹10,600 would weaken the basing attempt and bring the March–April lows around ₹10,350–₹10,400 back into focus. With the 5 October candle potentially still forming, its final close will matter.