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ACC is moving in a rectangular band between Rs 830 and Rs 900 since May 8. It is difficult to ascertain whether this is a consolidation in the medium term up trend or a terminal corrective. The struggle to move past Rs 900 is also rather worrisome. The stock would need to get past the 200 DMA positioned at Rs 950 to signal that it intends moving towards its all-time high again.

We advocate caution until such time. The supports for ACC are at Rs 823 and then at Rs 808.

Investors can stay invested till the stock remains above Rs 770.

Lokeshwarri S.K.

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