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The steep drop continued this week too in ACC and the stock closed 9 per cent lower. We had indicated last week that the move from May 2003 could have ended in this stock. There is important long-term support at Rs 787, where it is halting currently. Any further weakness will give the stock the medium term target of Rs 660.

Though weekly momentum oscillators are oversold, there are no signs of reversal yet. Any short- term bounce in prices will face resistance from Rs 868 and then from Rs 940. A close above Rs 940 is required to signal that a meaningful recovery is underway.

Lokeshwarri S.K.

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