Quant Pick - ACC - ICICI Direct

Time frame: Three months

Derivatives & Quantitative Outlook

The Nifty seems to be moving out of its ongoing consolidation for the last two months led by the private sector banking space. While most heavyweights remained largely range bound in the last couple of weeks, major action was seen among non-index stocks. We expect the infra space and especially stocks from the cement space to regain strength and witness a fresh uptrend in the coming sessions.

Cement stocks have found renewed traction in the last few sessions where stocks like ACC were able to move out of the prevailing range and are likely to witness fresh upsides. After making lifetime highs in March near Rs. 1850 levels, the stock has largely consolidated above these levels despite ongoing market volatility. We expect it to move higher on the back of fresh accumulation in open interest.

For details, click on the link below: Link to the report

Shares of ACC LTD. was last trading in BSE at Rs.1938.9 as compared to the previous close of Rs. 1904.2. The total number of shares traded during the day was 47911 in over 2936 trades.

The stock hit an intraday high of Rs. 1951.55 and intraday low of 1907. The net turnover during the day was Rs. 92696893.

Source : Equity Bulls

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