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ACC Stock Still looks bullish at CMP, Traders can Buy Above 1050 for short term target of 1290

By Bhaveek Patel Leave a Comment

ACC being one of the leading cement manufacturers in India, was listed on NSE on 20 November 1996. ACC stock on NSE is in range of 1130 – 910, so we have to wait for the breakout in either direction then place the trades based on the outcomes. How ever the technical indicators suggests the stock is bearish for short term outlook. The near term volatility me rise due to uncertainty in the broader markets. So for ACC we will buy only above 1050 level for short term target 1120 and 1290. Stop loss can be placed for this long trade below the 990 level. All the cement stocks are in uptrend now and we are very bullish for short and medium term, any pullback can be used as buying opportunity. We also recommend aggressive long positions on ACC future contract, technical charts are hinting stock will make fresh 52 week highs in near term. Investors who are holding this stock can book profits at higher levels.
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Category: Short Term Stocks Tags: Bullish Stocks/ Buy ACC Future/ Strong Up Trend

About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

Comments

  1. Anu Kumar Anupam says

    Hi Bhaveek,
    ACC Weekly chart is in strong uptrend from Oct 2009.
    When we draw the Fibonacci retracement on the charts between 24th Jun’11 to 10th Frb’12,
    You’ll see that the chart took strong support at the 61.8% level and bounced back.
    It is right now trading near its resistance zone at 38.2% level (this had already acted as resistance in past) at 1227 and the 100 Days MA is also at 1252.

    Just tried to start some analysis post completion of training, wanted to share the same with you for your comments.

    Reply
    • Bhaveek Patel says

      Excellent analysis sir, we have 2 trading ideas here.

      1. Short sell ACC Future around 1228 for target of 1203.

      2. We can wait for a breakout above 38.2% level (on closing basis) and then take long positions above 1240 for target of 1299, stop loss 1220.

      Now out of these two trading ideas I see 2nd one is better as we will be trading in the direction of long term trend, which in this case in bullish. On breaking above 38.2% level we will see sharp rally in this stock.

      Happy Trading!

      Reply

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