Short ACC at around Rs 1180-1200: Amit Gupta

Amit Gupta of ICICIdirect told CNBC-TV18, "Cement space is looking weak. ACC is unable to retrace strongly and from August 1, the movement of this scrip is continuously under pressure. It was moving in a range of Rs 1,200-1,240 and whatever was happening in the market was a range for ACC and once this announcement of ACC-Ambuja Cements merger came, we saw heavy volumes, six month high volumes around Rs 1,200 levels and from there the breakdown came in the stock and since then we have seen around 12 percent addition coming into the futures of ACC of near month and the stock has not been able to take out Rs 1,200, so that will remain a stiff resistance.”

“I would advice to go short in the stock in Rs 1,180-1,200 range. Accumulate the shorts and then on the downside once the stock starts slipping, it can go down till Rs 1,120 also. One can keep stop loss at Rs 1,240."