Cement works as a good long trade: Mitesh Thacker

Mitesh Thacker, Technical Analyst, miteshthacker.com, talks to ET Now on cement stocks.

What is your call on cement?

Cement had a good run couple of days back. It is not showing any signals of a big up move. While Ambuja is slightly on the outperformance list and I still expect it could go up to as high as 153-155 and I would like to hold onto it but it works as a good countertrend.

In case you have a market scenario which is probably going down, cement holds on. On lower levels, we see very strong supports. So it was the good counter trade.

If you are having a basket of short positions, then cement probably has a hedge once the market... cement works as a good long trade but otherwise I do not see big trend evolving over here. It is probably range bound.