Stock Radar: Stock Radar: Down over 30% from November highs! This cement stock is a contra buy at current levels

UltraTech Cement, part of the S&P BSE Sensex index, has fallen over 35 per cent from its November 2021 highs, effectively putting the stock in a bear grip, but technical indicators suggest the possibility of a technical bounce back in the short term.

The cement major hit a 52-week high of Rs 8267 on 8 November 2021, but failed to hold on to the momentum. It closed at Rs 5,330 on 20 June 2022, which effectively translates into a downside of over