Buy UltraTech Cement for a target of 900: Devang Visaria

In a chat with ET Now, Devang Visaria, Chief Strategist, devangvisaria.com, gives his views on UltraTech Cement.

UltraTech on the charts?

UltraTech Cement started correcting from around April 2010 from a level of 1170, right now it is correcting all the way to 800. So there is an intermediate bottom in place. Also given the fact that it has been falling when the whole market was rising, makes it a contrarian play and it is showing some bottoming out formation. So possibly you could have a small long trade going on this one. Also keep in mind that ACC, Ambuja, most of the large cap cement stocks have been doing well relatively compared to the Sensex and the Nifty for the past 2 weeks. So UltraTech possibly is a buy as a contrarian and you could look for targets of closer to 900 or so.