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A fledgling rally is currently underway in ACC. The stock achieved our first short-term target of Rs 741 last week. Momentum indicators in the weekly chart are extremely oversold.

The daily oscillators are just beginning to signal a buy. The stock seems set to continue this short-term uptrend. The short-term targets are Rs 794 and then Rs 839. Trader's can play long for the short term with a tight stop at Rs 705. The medium term outlook continues to be negative for ACC. The stock needs to close beyond Rs 850 to reverse this outlook.

Lokeshwarri S. K.

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