After a sharp correction, ACC has been rebounding for the last three months. On June 30, the stock posted a fresh breakout from a consolidation range and also surpassed the major hurdle of 200 EMA on the daily chart. The breakout was supported by a strong rise in volume, adding to the confirmation. We, thus, advise creating fresh longs as per the given levels.
We’re seeing a mixed trend in metal space but mostly counters are witnessing profit-taking. Hindalco
has also retraced marginally, after retesting the resistance zone of 200 EMA on the daily chart and is likely to inch further lower in the near future. We suggest traders using this shorting opportunity and initiate fresh shorts on the bounce in the given range.
In line with the other auto majors, TVSMOTOR has also recovered strongly in the last three months but it couldn’t surpass the resistance zone of the long-term moving average on the daily chart. It’s currently hovering around that zone and is likely to see some profit-taking ahead. Traders can use any rebound to create shorts in the mentioned range.
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