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CMP
Recommendation
1394.55
Stoploss
1315
Targets
Time
1540 - 1585
1- 3 Months
Observations
The stock is showing positive bias for the short term; the above daily chart of ACC is showing bullish evidences as per
Japanese candle stick, western technicals and Elliot wave perspective.
Over the last two weeks the stock has been forming bullish reversal candle (Long lower shadows Ref. Next page) which
is an initial sign of positive development after a long diagonal bearish reversal phase.
The spotted candles has validated the end of 1st larger corrective wave at 1317 and also in progress of forming a higher
high with faster upward retracement (If stock moves above 1455 in next 7 trading days); apart from this price has exactly
turned from lower trendline of the falling wedge pattern (Blue Line) and ended the wave e of v. Apart from this strong
positive divergence has been witnessed in RSI oscillators (Ref. Next page). All these are very significant bullish
observations in western technicals and Elliot wave.
In larger picture the stock has completed a five wave decline and it has started a bullish three wave upward retracement
(corrective) towards 1540 1585 which are 50% & below 61.8% retracement level of major fall from 1775 to 1317. Post
the completion of this corrective rise, the stock could revisit atleast the recent lows.
Traders can buy the stock between CMP to 1345 with a stoploss of 1315 on closing basis for the targets of 1540 1585
level in 1-3 months.
RETAIL RESEARCH
RETAIL RESEARCH
Money Management:
* When price attains the 1st target, book partial (50%) profit and revise your stop loss on balance shares to cost.
* Dont try this trade recommendation in options segment.
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*If interested in Futures then trade only up to 1 target with above mentioned cash/spot levels.
Note: Once the market opens for trade, the analyst will review it and decide to give the call through an internal mail/SMS at the same or different levels of entry, target and stop loss or not give the call
at all or give a call in Futures/call/put. Clients could get in touch with the analyst through their designated dealers to check about this.
RETAIL RESEARCH