Business Daily from THE HINDU group of publications
Thursday, Dec 18, 2008
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Business Daily from THE HINDU group of publications Thursday, Dec 18, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Cement Markets - Recommendation
We recommend a sell in ACC from a short-term trading perspective. It is evident from the charts of ACC that it has been on a long-term downtrend from its life-time high of Rs 1,314 recorded in October 2007. The stock halted at its long-term support band between Rs 385 and Rs 400 during late November and began to rally. This rally encountered twin resistance around Rs 550 (a medium-term resistance level and long-term down trendline). ACC resumed its long-term downtrend by tumbling 9 per cent, with above average volume on December 17. A bearish engulfing candlestick pattern has been formed around the resistance level indicating an impending down trend. The daily relative strength index has entered into the neutral region from the bullish zone, losing bullish momentum. We are bearish on the stock from a short-term horizon. We anticipate the stock to decline until it hits our price target of Rs 435 in the approaching trading sessions. Traders with short-term perspective can sell the stock while maintaining a stop-loss at Rs 510. Excise duty cut, revival package give ray of hope for cement companies ACC (Rs 541.50): SELL Higher input costs drive down ACC’s net profit More Stories on : Cement | Recommendation | Associated Cement Companies Ltd
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