ACC my favourite investment pick today managed to give another breakout.
Today ACC gave a break out from a triangle pattern shown by red lines in the charts. Targets of that comes in the range of 1940. Meanwhile 1726-1736-1764 which are previous trend line resistances. Above 1764 stock will be in the no breaker zone. However today's news regarding penalty imposed by CCI can be a short term sentiment dampner. But i will look to buy in this dip. With monsoon getting over cement demand will rise up and stock can do well.
Today ACC gave a break out from a triangle pattern shown by red lines in the charts. Targets of that comes in the range of 1940. Meanwhile 1726-1736-1764 which are previous trend line resistances. Above 1764 stock will be in the no breaker zone. However today's news regarding penalty imposed by CCI can be a short term sentiment dampner. But i will look to buy in this dip. With monsoon getting over cement demand will rise up and stock can do well.
Now for slightly longer term perspective the stock is moving in a channel from last 9 years. The upper end of that channel is right now at 1871. But stock had made 6 consecutive green candles in a row and this month's candle is a star candle. So a small pullback can be there. If short term view traders can book part profit. But i will like to add more in this dip for my 1 year targets of 2000-2100.
Disclosure: I am not a SEBI certified analyst so please consult your financial adviser before acting on this call. Further i do have the stock in my portfolio.
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