Below Rs 1450, UltraTech Cement may fall 8-10%: Paul

Abhijit Paul, Brics Securities feels that below Rs 1450 UltraTech Cement may fall 8-10%.

Paul told CNBC-TV18, "The entire cement space did manage to come off quite sharply over last 3-4 days. Not to forget the fact that this sector was amongst the strongest over last quarter if not more than that. This sector was sitting life highs. Now after this correction there is what most of these stocks have done have moved into a downtrend across both the short and medium term time frame. Any bounce from here on should be looked as a chance to sell into these stocks."
He further added, "Ultratech Cement is one which has not cracked that much compared to the rest of the stocks. Once this stock takes out Rs 1450 on the downside I sense most of these stocks along with Ultratech has the chance to fall  close to 8-10% from current prices."