ACC share price makes breakthrough; what investors can do
ACC share price has made a breakthrough. The stock has broken through the Rs 1400 per share barrier that it faced and managed to sustain above this level.
ACC share price has made a breakthrough. The stock has broken through the Rs 1400 per share barrier that it faced and managed to sustain above this level. In fact, in the last one month, ACC shares surged from Rs 1,328 per share mark to Rs 1,447.20 — its last one month peak. Even today, ACC opened at around Rs 1,419 and made a high of Rs 1,429.
According to stock market experts, ACC shares have made a breakthrough and have managed to sustain above Rs 1,400 mark. Since its a cement business is expected to attract huge demand post-COVID-19 pandemic, the outlook for ACC share price is bullish and by the end of 2020, it may even hit Rs 1,700 per share levels provided there is final success in the Coronavirus Vaccine research, according to experts.
Speaking on the short-term perspective of ACC, Sumeet Bagadia, Executive Director at Choice Broking said, "ACC share price is bullish as it has managed to sustain above Rs 1,400 mark and it has strong support at Rs 1,350 to Rs 1,370 per stock mark. One can buy this counter at current levels of Rs 1,410 mark for the immediate target of Rs 1,450 and if it manages to break Rs 1,450 resistance, then in the next two weeks we can expect to see Rs 1,500 levels in ACC shares."
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Speaking on the play of financials and COVID-19 angle in ACC stock, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Post COVID-19, government is expected to push focus on the infrastructure development both in the rural and urban India. In that case, ACC is expected to get benefit of this and its business is also expected to grow in next one to two months. However, much will depend upon the Coronavirus Vaccine trials. If the vaccine is found then we can expect ACC shares to hit up to Rs 1,650 level as the cement prices have still not declined. In fact, cement prices have gone up and in that scenario, even a slight rise in demand will play the role of a big trigger for ACC shares to rise."
On his suggestion to the stock market investors, Gorakshkar said that one can buy the counter at current levels and by the end of 2020, the counter will definitely go up to Rs 1,550 even if a Corona vaccine is not found.
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