Short Term Investment : ACC : IDBI Capital
Attached alongside is the daily chart of ACC with a 13 DMA (prices holding since Oct 09), Fibonacci lines and value area marked on it. All these context definers are combined to produce good supports around 890 levels.
The stock after witnessing profit booking pressure from the recent high of 929, has now approached this region where the above mentioned support clusters coincide. This region has also acted as a good support in the last month and hence it is quite likely that it may attract some buyers back into the game. Prices on Friday, managed to find support here and held well above the same suggesting some demand seeping into the counter at lower levels. In sync with this pullback we also notice that the volumes activity dwindling during this dip, suggests some rallies if a follow through is seen here. Buy if the prices continue to hold above 890 levels. Targets at 970-990 / 1080, stoploss below 880. Important level to watch out for is at 930.
Popularity: 1% [?]
Category: Short Term
Subscribe
If you enjoyed this article, subscribe to receive more just like it.
