UltraTech Cement has target of Rs 870-880: Bhamre

Siddharth Bhamre of Angel Broking is of the view that UltraTech Cement has target of Rs 870-880 levels where there would be good amount of supply which would be coming.

Bhamre told CNBC-TV18, "Cement is one space which we like. We have seen good amount of rollover there but cement is one space which you would be aware that they have always shown good rollovers but this time the cost of carry is good and we are seeing good cash based buying which is taking place in cement counters. In fact in our advisory portfolio we have reduced weightage from infrastructure sector and allocated some weightage to cement space. So I feel stocks like UltraTech Cement from investment perspective and India Cement from both investment as well as trading perspective appears to be good and has decent amount of upside. Our target for UltraTech Cement would be somewhere around Rs 870-880 levels where there would be good amount of supply which would be coming.”

He further added, “The other space which we like is scattered not more of sectors but in stocks we like more or midcap stocks at this juncture because market has to trade in a range of 5,000-5,200 which option data is suggesting then you should concentrate more on midcap stocks and smallcaps rather than largecaps."