Hemen Kapadia, CEO, chartpundit.com is of the view that Ambuja Cements has target of Rs 190.
Kapadia told CNBC-TV18, "Ambuja Cements has posted a fresh all time high and Rs 166 was a virtual road block, we have taken that out. We have gravitated towards Rs 182, cooled off at Rs 177. We are heading towards Rs 190. Technically it has given a breakout. It was in an ascending triangle formation, so as of now till it holds above Rs 166 it doesn't look like going down or slipping below Rs 166 in a hurry."
He further added, "As long as it remains above Rs 166, I think Rs 190 is the first target to look at. Like I said it looks a good indicator, support above moving averages, all time high in a market which has not actually gone too much in terms of all time highs. So till there is strength coming in, it should do well. Rs 190 would be the first target. It can even go beyond that. But Rs 190 seems like a reasonable target."
