ACC To Resume Its Uptrend

45 0
Targets : 1685-1712-1740 Buy range : 1625-1635 Stoploss : 1560 Duration : 3-4 weeks

Outlook :
The share price of ACC has recently registered a resolute breakout above the short term falling trend line joining immediate highs of May 16th, 2017 ( 1740 ) and June 2nd, 2017 ( 1671.95 ), currently placed at 1638.60, thus provides fresh entry opportunity to ride the next up move in the stock.
The stock has recently rebounded taking support at
the short term support area of Rs 1568-1570 being the
confluence following technical observation:
50% retracement of the previous major
rally from March 2017 (1380.40) till peaks of (1756.70) as on May 2017.
Precious intermediate bottoms 02nd May, 17 (1570) and 25th May, 17 (1571.40).
Reversed from our short term trend reversal indicator (green line)
Further, 14-RSI is heading upwards towards 60 levels, one can expect major strong upward move, Stock is trading well above its 9-45 EMA line which is a positive signal, +DI has crossed -DI and Bullish MACD line is crossed zero line in last trading session.
We expect the stock to continue with its current
uptrend and head towards Rs 1740 / Higher in the coming weeks and months, Hence recommend a Buy as per levels mentioned above.
Note : Major Hurdle at or near 1655, will act as a short term resistance.
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