ACC share price today: Cement manufacturer ACC Cement’s stock price today fell by almost Rs 77 in an intraday trade on the back of a broader market fall. This stock ended the day’s trading around Rs 1320.25, just around the crucial support level of Rs 1320, according to technical analyst Nilesh Jain of Anand Rathi securities. 

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The outlook for this stock is negative in the near term, Jain said. Though he sees this correction to be a temporary phenomenon, the outlook remains positive in the medium term. Today’s fall of over 5 per cent in the price could be attributed broadly to the market correction, which saw various Nifty indices trading in the red zone. 

Jain said that cement sector has a positive outlook in the medium to long term. This sector has been doing well along with the metal sector. 

At Rs 1320, this stock has a strong support zone and if the levels are breached on the downside, the levels may fall up to Rs 1250, Jain said. 

The 200-day moving average of this stock is Rs 1470. The 52-week peak of this stock is Rs 1709 while the 52-week low is 895.15. 

The stock’s position looks week in the immediate term, he said adding that majority of counters today took a beating. He further said that the market correction was due. This stock was trading in small volumes today and this may change in the next trading session on Tuesday, further impacting the stock negatively. 

It appears that the stock may break its 200-day moving average. In terms of charts, this stock is seeing a formation of symmetrical triangle at the top. The breakout has come today with a large candle structure, he said.

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This fall cannot be attributed to a sector specific phenomenon. When the broader market falls, most stock have to bear the brunt, he said.