Sell/Reduce ACC between CMP to Rs.1385 Rs.1240 – 1050 :: HDFC Securities

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 Week’s action is forming an engulfing bear candle
with good volumes and the stock is showing
negative bias for the short to medium term.
 Price has completed the counter trend
retracement rising leg at 1439 levels which could
be short term top for the stock.
 Price has started to slide for the next falling leg
with impulse price action i.e. five wave decline
which is extreme bearish stance. In larger degree
price has topped out
for long te
rrn at 1570 with
irregular “wave B” and now price is in progress of
“wave c” which could last for a minimum of 50
days
. Price could test 61.8% & 100% projection
level of “wave a&b”.
 RSI is placed with couple of negative divergences
and price is trading below key moving averages.
 Traders could sell the stock between CMP to 1385
with the stoploss of 1440 on closing basis for the
target
s of 1240
- 1050

LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3010594