Being a Major Cement gaint in entire whole cement sector, stock is dripping down from its highs of 1545.35 levels for almost 4 months. Stock acted like finding support at 1200 levels which is the channel bottom for intermediate.
Short Term:
Stock is heading towards its 61.8% retracement 1085. Short the stock @ CMP or on every raise till 1300 to see 1085 with Strict SL at 1320.
Long Term:
Stock was correcting for almost 4 months which shows the weakness in the stock. Lets wait and see if it can find a strong support at 61.8% Fibonacci levels at around 1085. Probabl 1050 also could act as support. It is always wise to enter a stock after confirmation of up move.So for now, Lets see more lower levels and wait for entry after confirmation only.
If ACC traded positive next week then Go long at current levels itself. ACC made a double bottom at around 1200 levels.If stock makes some progress go long on it.Breaking these levels my continue dripping down as given earlier.
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