Ambareesh Baliga of Karvy Stock Broking is of the view that Ambuja Cements can test Rs 122-123.

Baliga told CNBC-TV18, "Cement in fact we saw some buying in the last two to three days. But again from these levels I think upside could be just limited to as 3-4% more. For example, Ambuja moved up from Rs 109 levels to Rs 118-119 levels. Possibly it can move to Rs 122-123. But beyond that it seems a bit difficult."