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ACC hit a high of Rs 1,192 on Monday before reversing to end the week with a loss of 2 per cent. A short-term correction is currently underway in this stock.

Traders need to tread with caution now as a five-wave move has been completed from the low of Rs 951. Since the target of the third leg of the move from Rs 765 of Rs 1,188 has also been achieved, this correction can get deeper and a fall to Rs 1,030 is possible. Exit long position if our short-term support of Rs 1,095 is breached. Aggressive traders can play short with a stop at Rs 1,200. Downward targets are Rs 1,030 and then Rs 980.

Lokeshwarri S. K.

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