ACC Ltd. CMP— Rs 1003.50
We recommend going short in this counter at current levels.
Technical Outlook:-
The share price of ACC has registered a breakdown from its cluster of short term and long term moving averages.
The momentum indicators remain in the declining trajectory and indicate weakness.
We believe that the stock price could test its next support levels of Rs 970 and below that the share price movement is likely to decline further for targets of Rs 940 shortly.
Suggested Trading Strategy:-
We recommend sell at current price and again on pullbacks to the level of Rs 1017-Rs 1021 with stop loss placed above Rs 1038.
Alok Industries Ltd CMP— Rs 27.50 We recommend going long in this counter at current levels.
Technical Outlook:-
The share price movement of Alok Industries appears to be taking form of an Inverted Head & Shoulder pattern on the weekly Chart.
An inverted Head & Shoulder is a bullish pattern as it is associated with strong price up move once the share price records a breakout from its neckline.
In the case of Alok Industries the neckline is placed at the levels of Rs 27.75.
The measuring implications of the pattern suggest that following a breakout the share price could head towards the following price levels: Rs 29.50 / Rs 30.50.
The momentum indicators have started rising upwards indicating an up move in the prices.
Suggested Trading Strategy:-
We recommend traders to buy above Rs 27.75 with a stop placed below Rs 26.85 levels for the above mentioned price targets
