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The move below Rs 830 in ACC proved beyond doubt that the sideways move since May was a terminal corrective.

The stock is poised at its intermediate term support of Rs 768. A step lower will mean that the up-move since April was the second leg of the correction that began in December 2006. The medium-term targets for this move would be Rs 680 and then Rs 572.

Inability to rally past Rs 820 in the early part of next week should be the cue for traders to play short with a stop at Rs 840. Investors can hold with a stop at Rs 670.

Lokeshwarri S. K.

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