Amit Harchekar of A Plus Analytics recommends buying Heidelberg Cement.
Amit Harchekar of A Plus Analytics told CNBC-TV18, "Heidelberg Cement has the ability to re-test or retrace close to 80 percent of the decline what we have seen since beginning of January. So, the stock has a good potential to test levels of Rs 87-88. However, from trading perspective if anyone is initiating long positions at current level, the stop loss comes at around Rs 77. If that is taken out our theory of this retracement would get negated. So, one can buy with tight stop loss of Rs 77 on a closing basis."
On Wednesday, HeidelbergCement India closed at Rs 78.20, down Rs 1.90, or 2.37 percent. It has touched an intraday high of Rs 81.60 and an intraday low of Rs 78.20.
Disclosure: Analyst has recommended the strategies to hisr clients but has no personal holdings.
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