Go long on Ambuja Cements; SL Rs 202: Harchekar

Amit Harchekar of IIFL is of the view that, one can initiate long positions in Ambuja Cements with a tight stop of Rs 202 and the exit to around Rs 210-212.

Harchekar told CNBC-TV18, "Ambuja Cements is looking very strong on charts. It has been selling the breakout levels of Rs 200. The resistance I am seeing in Ambuja is close to Rs 212. So one can initiate long positions in Ambuja with a tight stop of Rs 202 and the exit comes to around Rs 210-212. As far as ACC is concerned, I am not seeing that strength compared to Ambuja Cement. So my pick would be Ambuja at these levels. Though Rs 212 is quite closed by but the risk reward is still almost 1:1 from current levels. So I would be avoiding ACC and maybe Ambuja would be again a good buy even at these levels. Disclosures: We have recommended few strategies to our clients but no personal holdings.