ACC can test Rs 900 in coming weeks: Emkay

MUMBAI: Sarvendra Srivastava, technical strategist, Emkay Global Financial Services, is of the view that ACC charts indicate bearish pattern. He expects the stock to touch Rs 900 levels in coming weeks.

“The weekly chart shows how ACC formed a ‘bearish harami’ last week. The pattern itself is bearish enough to result in a meaningful decline but what makes it more potent is the placement, the formation happened just as prices completed a bearish wedge.

The 55WEMA and the lower end of the pattern around Rs 900 should now get tested in coming weeks. Moreover what compounds the bearishness is the presence of a small negative divergence on the weekly KST,” Srivastava said.