Should you bet on cement stocks? Here's what technical charts indicate

The S&P BSE Sensex has scaled a new high, hitting 39,000 level. Several sectors have emerged as positive contenders for trading; however, the cement sector is anticipating strong revival compared to its counterparts. Although cement stocks are trading lower from their respective lifetime highs, the trend is expected to change in the coming sessions.

Here's a look at what technical indicators suggest for select cement stocks - 

UltraTech Cement: The stock is currently trading in the range of Rs 4,170 – Rs 4,140. The high of “Head and Shoulder formation” resides at Rs 4,147.95, as per the daily chart.