Wait and watch ACC Ltd: MiteshThacker
ACC could probably decline to levels of 1070-1060 before bouncing back.
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| Updated: In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com gives call on ACC Ltd
What is your call on ACC?
Cement was doing well for the last couple of weeks and then it has gone into corrective mode. We will see some more declines. In this correction, we have had a lot of negative crossovers on the indicators and the moving averages.
For example ACC, 1150 would now be a tough level to cross. It could probably decline to levels of 1070-1060 before bouncing back. The outperformance remains but it is going through a bad phase and cement will correct.
What is your call on ACC?
Cement was doing well for the last couple of weeks and then it has gone into corrective mode. We will see some more declines. In this correction, we have had a lot of negative crossovers on the indicators and the moving averages.
For example ACC, 1150 would now be a tough level to cross. It could probably decline to levels of 1070-1060 before bouncing back. The outperformance remains but it is going through a bad phase and cement will correct.
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