Sell 'ACC' at stop loss of Rs 913 and downside target of Rs 850

Jitendra Mehta, Technical Analyst, Edelweiss in a chat with ET Now on cement stocks.

There's a complete breakdown in ACC and the other cement stocks are also not looking too good. Have you looked at the charts and if yes, which of the cement stocks is a 'Sell' according to you?

We had initiated a short call on ACC and Ambuja Cement yesterday, and we are maintaining our short view on the same. ACC as rightly pointed out has given a breakdown. There is a trend line breakdown along with too heavy volumes and moving average also but technically it is a perfect sell setup and one should maintain a short CR. Trading stop loss can be kept at 913 and a downside target at 850 can be explored here.

Ambuja is just on verge of topping out. It has not given a complete sell off signal yet but then a break below 114 will aggravate the selling pressure. Levels we are looking at is around 105-107 here and 124 would be a decent stop loss on the short position.