Business Daily from THE HINDU group of publications
Monday, Oct 13, 2008
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Business Daily from THE HINDU group of publications Monday, Oct 13, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Stocks Markets - Recommendation
We recommend a sell in ACC from a short-term trading perspective. It is clearly evident from the charts of ACC that it was on a medium-term uptrend from its July low of Rs 462 (a 52-week low) to early September high of Rs 659. However, subsequently the stock began to lose its bullish momentum and formed lower peak. In early October, the stock commenced to decline and it breached the 21- and 50-day moving averages. On October 8, ACC declined 3 per cent, penetrating the medium-term up trendline. The stock appears to have resumed its long-term downtrend. Both daily and weekly relative strength indices (RSI) are featuring in the bearish zone. The daily moving average convergence and divergence (MACD) is signalling a sell and is on the verge of entering the negative territory. We are bearish on the stock from a short-term perspective. We expect the stock’s decline to prolong further until it hits our price target of Rs 485 in the upcoming trading sessions. Traders with short-term perspective can sell the stock while maintaining a stop-loss at Rs 570. Yoganand D. ACC: Demands may set short-term outlook ACC (Rs 649.50): Buy More Stories on : Stocks | Recommendation | Cement | Associated Cement Companies Ltd
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