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Though ACC took a hit last week that dragged it to an intra week low of Rs 982, the movement last week suggests a corrective wave rather that an impulse wave. The short-term outlook for this stock is neutral. The 50-day moving average will continue to act as a strong short-term resistance. A rally past Rs 1,066 should be seen before fresh longs are initiated on this counter.

The medium-term target on the down side is still Rs 950. Since the long-term 200-day moving average is also positioned here, a reversal from here will be a good entry point for long-term investors.

Lokeshwarri S. K.

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