Expect Ambuja Cements to test Rs 230-235: Chopra

Manav Chopra, Senior Technical Research Analyst at Nirmal Bang Securities, is of the view that Ambuja Cements is expected to test the levels of Rs 230-235 in the near-term and Grasim Industries to test Rs 3,520 levels.

Chopra told CNBC-TV18, "Cement has been an outperforming sector recently and most of the stocks are trading above its short-term average and is currently trading above its trend line which indicates a good uptrend in motion." He further added, "The overall parameters on the momentum charts indicate absence of any sort of negative divergence. It suggests that the advance is not yet done and one can expect further rise. I expect Ambuja Cements to test the levels of Rs 230-235 in the near-term and Grasim Industries to test Rs 3,520 levels. Disclosure: We may have some positions in the stocks we have discussed.