Expect 5-8% rally in Madras Cements: Shardul Kulkarni

Shardul Kulkarni of Angel Broking told CNBC-TV18, "In case of Madras Cements, the volumes are a little lower. So, traders should remain cautious and place strict stop losses but I think Madras Cement also has a good chart."

He further added, "If you see the past couple of trading sessions, JP Associates, Grasim Industries and most of the cement counters did quite well but Madras Cement was a laggard. I think going forward, some momentum might come into this counter. The charts are clearly telling that Rs 244 is a very strong support level and the stock is being bought near Rs 244. So I would look at Rs 242 as a stop loss and look at a potential target of around Rs 255 to Rs 260, which is about 5-8 percent from current levels."