Ambuja Cement was out with its QTR result yesterday evening. The result appears to be well below street estimate, specially EBITDA. Going by the momentum for the stock for the last few sessions, "Strong Recovery Cycle" in this Cement sector may be largely discounted by the stock.
Looking at the Chart, Ambuja Cement (CMP:270) has to sustain above 272 zone for short term target of around 280.
Failure to sustain above 272 may bring in sellers and break below 264 may bring it to 256-252 zone in the next few sessions. It may find strong support near 244-241 zone.
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