ACC Cement Bottom Out On Daily Chart

Nowadays the market is trading near a lifetime high and we are waiting for a new life-time high. In this bullish market, we have found two stocks, one is bottom out on the daily chart and another one is reaching to their life-time high.

Technical Overview of ACC: If we see below the daily chart of ACC then the stock is trading in a downtrend. However, the stock is taking support from 1416-1420 and not breaking down the same. Before two trading sessions (on 12^th December) stock has created a Bullish Harami chart pattern near the same support and given small bounce. As per the Relative Strength Index, it is showing oversold and giving spike from the bottom. The stock is looking good buy from current levels for the short term.

 
We can buy stock from CMP i.e. 1438 for the targets of 1470/1500/1520. You can book a loss if the stock price closes below 1415.

Technical Overview of BALRAMCHIN: The stock is trading in an uptrend. Before the last trading session, the stock has given breakout to the Trendline and closed near day high with good volume. We were expecting fall from Trenlind resistance i.e. around 165 to create the second shoulder of Inverted Head & Shoulder. But stock price has sustained near resistance and finally given breakout. The stock is having immediate resistance around 174 and RSI is showing overbought. We are expecting small correction till 165 and that is the perfect buying point with the best risk-reward ratio.

Riskers can buy 50% quantity at the current price and remaining will near 165. Keep stop-loss of 160 on a closing basis and hold for targets of 173/180.

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Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.
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