Jitendra Panda, Head Sales - Broking at Capital First Securities told CNBC-TV18, "Cement sector has seen some positional buying, I believe it will be held on. We had seen similar scene in the last year, but this year it is more aggressive whether it is ACC or Ambuja Cements. Ambuja is a buy at current level and we believe Rs 189 could be a stop loss for trading. After it has crossed this level, I believe it should see Rs 198-200."
He further added, "We had seen last one year high is Rs 217, may be in October. The way the consolidation happening is looking for a longer term, the positions are getting build from larger investors and looking for seasonal positive where it comes for after the rainy season for cement sector, Rs 198 is an easy target on this stock."
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
