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ACC remained frozen in the narrow band between Rs 1,000 and Rs 1,050 last week. The stock is poised at the halfway mark of the short-term rally from the low formed on December 12, 2006. A sharp movement is possible in either direction. A move up will face resistance at the 50-day moving average positioned at Rs 1,070 and then from Rs 1,125.

A move past Rs 1,125 is required to make the medium term outlook positive. The support for this week will be available at Rs 991. We advocate caution in this stock till it rallies above Rs 1,125.

Lokeshwarri S. K.

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