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ACC moved past our first target to reverse from an intraweek high of Rs 1,160. The bearish engulfing candle recorded on Friday portends the completion of the move from the June 11 trough.

The stock could move lower towards Rs 1,074 and then Rs 1,032 in the short term. The positive outlook for the medium term will not be altered till the stock sustains above Rs 1,032.

Resistance for the week would be at Rs 1,138 and then Rs 1,158.

Inability to move past the first resistance would be a cue to go short with a stop at Rs 1,160

Lokeshwarri S.K.

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