Shardul Kulkarni of Angel Broking told CNBC-TV18, "Overall we are seeing that today Ambuja Cements and ACC are down. We are seeing that these stocks continue to move in a decent higher top higher bottom cycle, so I would not go short in case of Ambuja or ACC."
"One can take a contradictory long position in ACC. The stop loss on the lower side would be at Rs 1,220. I would expect the stock to move back towards Rs 1300. The bias is positive inspite of today's down move in case of cement counters, ACC as well as Ambuja," he said.Also Read: Ambuja Cements drops 4.5% on Credit Suisse downgrade