ACC has now posted a higher bottom and is moving up. In the earlier phase, the cement major had declined to as low as Rs 176.20. In its upmove thereafter it posted a high of Rs 216.Then followed another reaction. But this time around the decline had stopped at Rs 183.70. Both the daily stochastic indicator and the RSI indicators have signalled a buy. THe scrip has a good chance of moving up to Rs 216. It has to test this top. If it is able to break it then one can hope to see it rising further. The top further higher up was Rs 267.
One good thing about entering this scrip is now that it has posted a higher bottom. Therefore your downside risk is limited. You could place a stop loss at Rs 183.
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