ACC can move up to Rs 1240-1260: Gupta

Amit Gupta of ICICI Direct is of the view that ACC can move up to Rs 1,240-1,260.

Gupta told CNBC-TV18, “One can look at cement space, it has remained a laggard for the last three-four months continuously. Despite when the market was performing it was not performing. The short additions were definitely there but in the last five-six session ACC, in the cement space, is continuously outperforming Nifty. It made a low of Rs 1,110 when the market was around 5,550. Afterwards, market dipped to 5,480. We did not see that decline is in ACC after that. So, there maybe a chance of some short covering in the stock. It can move up to Rs 1,240-1,260 kind of levels. So, this maybe a buy till expiry again.”