October 23, 2015
ACC Ltd (NSE Cash)
BUY
` 1337
` 1390 - 1380
` 1490
14 - 21 sessions
Weekly Chart
Source: Falcon (Chart Time:
9:45 IST)
Justification:
Post the sharp fall from ` 1743.62 to ` 1301.50 in last seven month months, the stock has taken support
around the ‘Rising Trend line’ in the monthly chart, which coincides with the 50% retracement levels of the
entire up move from ` 872.69 to ` 1743.62 in the weekly chart. The ‘RSI’ oscillator also started moving higher
from the bullish support zone of 38 - 40 levels in the weekly chart. If we look at daily chart, the stock is moving
in a broader range of ` 1300 - ` 1400 from last two months and formed a strong base around ` 1300 - `
1330 levels. Currently, the stock is in verge of giving breakout above ` 1408 levels. The ‘RSI - smoothened’
oscillator has also given a ‘Symmetrical Triangle’ breakout after giving a series of positive divergences in the
daily chart, indicating strength in the counter. Looking at the above technical evidences, we are anticipating
breakout in the stock. Thus, we advise traders to buy this stock at current levels and on declines to ` 1380 for a
target of ` 1490 in coming 14 to 21 trading sessions. The stop loss for this trade set up can be kept at ` 1337.
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October 23, 2015
Last 7 recommendations
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Source: Angel Research
* Dividend of Rs 3 adjusted
Research Team Tel: 022 - 30940000(Extn: 6552) Website: www.angelbroking.com Email: [email protected]
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