Ambuja Cements can go upto Rs 232: Mehta

Dipesh Mehta, Nirmal Bang Securities is of the view that Ambuja Cements can go upto Rs 232.

Mehta told CNBC-TV18, “Cement stocks have given a very good rally and there is no kind of reversal till now so I don’t think selling is a very good bet we should take on cement. I would still be very bullish on cement stocks, they have actually added as defensive counters in all type of market situations. Hence I see an upside of 8-10% in month or so in Ambuja Cement regardless of what the result is because technically it is trading at a very strong momentum. I think there is momentum to go up to Rs 232 on the higher side with a very small stop loss of Rs 211 on the lower side.”