Towards the end of 2023, ACC initiated a strong rally from the 1800–1850 zone, surging sharply to around Rs 2700 within just three months. Following this stellar run, the stock entered a gradual corrective phase, retracing back to the origin of the rally.
Now, at this critical support level, a bullish reversal candlestick pattern has emerged on the weekly chart, adding to the positive setup. Furthermore, oscillators on both daily and weekly timeframes are in the oversold zone, signaling a positive divergence.
(Osho Krishan, Senior Analyst – Technical & Derivatives, Angel One)
