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ACC took a severe jolt last week, losing about 10 per cent. The stock has moved below the medium-term support at Rs 1,032 and formed an evening star on the weekly charts, thus making this outlook negative. If this down move is the fourth wave from the April trough then the stock ought to halt above Rs 910.

Breach of this level will open the possibility of a fall to Rs 700 again.

The immediate support for the week would be in the zone between Rs 930 and Rs 950. Inability to rally above Rs 1,040 would mean that this support would be tested during the week.

Lokeshwarri S.K.

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