Sell Ambuja Cements, advises Manish Hathiramani

Manish Hathiramani of Deen Dayal Investments told CNBC-TV18, "Ambuja Cements is a sell for a target of Rs 215 with a stop loss of Rs 245. We see several negative indications on the chart, a support of Rs 235, which was important, broke down on very high volumes. Structurally we see a downward trend and that is what has activated on the chart. So every upmove becomes a sell on rally."

At 13:49 hrs Ambuja Cements was quoting at Rs 228.40, down Rs 1.35, or 0.59 percent. It has touched an intraday high of Rs 230.10 and an intraday low of Rs 224.40.

Disclosure: Analyst has short positions in the Nifty.