ACC Ltd. (ACC) StrategyThe chart is a daily candlestick chart of ACC Ltd. (ACC) on the NSE, with the current price at INR 2,543.35. The chart shows a descending triangle pattern, highlighting a major support level and potential trade strategies based on key price levels.
Key Observations:
1. Current Price and Trend:
- The current price is INR 2,543.35, showing a slight increase of 0.61%.
- The price is near the upper boundary of the descending triangle pattern.
2. Support and Resistance Levels:
- Major support is at INR 2,361.65.
- Resistance is indicated around the INR 2,600 level and higher at INR 2,734.90 (target).
3. Descending Triangle Pattern:
- The chart shows a descending triangle pattern, suggesting potential for either a breakout or continued consolidation.
- The upper trendline acts as a dynamic resistance.
4. Trade Strategies:
- Buy Strategy:
- If the price breaks above INR 2,600, it signals a potential bullish breakout.
- Traders could buy at the breakout level of INR 2,600.
- Alternatively, traders can wait for a retracement and buy at INR 2,550 for better entry.
- The target for this buy strategy is INR 2,730.
- Sell Strategy:
- If the price fails to break out and moves downward, keeping an eye on the major support at INR 2,361.65 is crucial.
- A break below this major support could indicate further downside potential.
Summary:
The chart of ACC Ltd. indicates a descending triangle pattern, with the current price near the upper boundary. Major support is at INR 2,361.65, and resistance is around INR 2,600, with a target for a bullish breakout at INR 2,730. Traders are advised to watch for a breakout above INR 2,600 for a buy opportunity, with a potential entry at INR 2,550 on retracement. Conversely, a failure to break out and a move towards major support could suggest caution or potential downside risks.
