Quant Pick - ACC: ICICI Direct

ICICI Direct's research report on ACC

Recommendation

Buy ACC in range of Rs 1840-1870 Target: Rs 2190 Stop Loss: Rs 1680 Time frame: Three months.

Derivatives & Quantitative Outlook

Broader markets came under relative pressure in the last couple of weeks where stocks have seen significant correction amid profit taking. We believe markets may move into some consolidation for some time amid stock specific pullbacks. In such a scenario, stocks where fresh positions have been formed, are likely to perform better. Cement stocks have found renewed traction in the last few sessions while stocks like ACC are likely to witness fresh upsides. The stock has made fresh lifetime highs surpassing 2017 highs of Rs 1850. Recently, the stock has been hovering in the range of Rs 1700-1850 for the last couple of weeks. Now, it has finally moved above the range amid fresh accumulation seen in April series indicating ongoing momentum should continue in the coming weeks.

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