Being a Major Cement gaint in entire whole cement sector, stock is dripping down from its highs of 1545.35 levels for almost 4 months. Stock acted like finding support at 1200 levels which is the channel bottom for intermediate.
Stock is heading towards its 61.8% retracement 1085. Short the stock @ CMP or on every raise till 1300 to see 1085 with Strict SL at 1320.
Stock was correcting for almost 4 months which shows the weakness in the stock. Lets wait and see if it can find a strong support at 61.8% Fibonacci levels at around 1085. Probabl 1050 also could act as support. It is always wise to enter a stock after confirmation of up move.So for now, Lets see more lower levels and wait for entry after confirmation only.