A falling wedge pattern is being observed on the daily charts of ACC. The stock has been underperforming the benchmark Index since Mar 2010 but now it may give a bullish breakout from this pattern. Buy Acc only if it sustains above 850 with stoploss of 837 and look for targets of 868/880 in short term. Another wave of Strong momentum can be expected in this stock above 885/895 which can lead the stock to much higher levels of 930/950.
Stock View: Kotak Mahindra Bank
The stock has good trendline support around 760 and is consistently making higher lows since moneth of May which is a good sign but stock also has overhead resistance around 800-805 zone which needs to be cleared out to confirm a breakout. Buy Kotak Bank only if it sustains above 800-805 with stoploss of 785 on closing basis and look for targets 850/875 in short term.
Have a nice trading day
Regards
Ankit
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