ACC Share Price: Sumeet Bagadia, Executive Director of Choice Broking has recommended ACC to investors. On a weekly Chart, the stock has formed “Bullish Engulfing Candlestick”, which suggests an upside movement in the counter. On the daily chart, ACC stock has been trading in its “Upward Rising Channel” formation which is a continuous pattern, which too indicates further upside movement. ACC share price today is Rs 1902, trading flat.
At Present stock is having support at Rs 1690 while resistance comes at Rs 1925. Crossing this mark can even show Rs 2000 levels.
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ICICI Securities says investors should Buy ACC in range of Rs 1840 – Rs 1870 with Target of Rs 2190; and Stop Loss of Rs 1680 and the time frame will be 3 months. Broader markets came under relative pressure in the last couple of weeks where stocks have seen significant correction amid profit taking. ICICI Securities says markets may move into some consolidation for some time amid stock specific pullbacks. In such a scenario, stocks where fresh positions have been formed are likely to perform better, it added.
ICICI Sec says that cement stocks have found renewed traction in the last few sessions while stocks like ACC are likely to witness fresh upsides. The stock has made fresh lifetime highs surpassing 2017 highs of Rs 1850. Recently, the stock has been hovering in the range of Rs 1700 – Rs 1850 for the last couple of weeks. Now, it has finally moved above the range amid fresh accumulation seen in the April series indicating ongoing momentum should continue in the coming weeks.
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