This cement producer soars 5% on September 7! Do you own it?

This cement producer soars 5% on September 7! Do you own it?

Indian Market
by 5paisa Research Team Last Updated: 2022-09-07T11:12:10+05:30

The stock soared over 5% on Wednesday and has registered a strong price volume breakout. 

Despite weak global cues, stock-specific action has continued on D-Street. India’s one of the largest and oldest cement producers, ACC Ltd, has soared nearly 5% amid strong buying interest from the traders. The stock registered a strong price volume breakout from its 19-week cup & handle pattern on Wednesday. The volumes have risen for the third consecutive day and are above average. Wednesday’s volume is greater than the 30-day and 50-day average volume, which justifies strong buying interest for the stock. Moreover, the stock trades above all its key moving averages, making it a suitable candidate for long-term traders.

Along with its positive price pattern, the technical parameters are in line with the stock’s bullishness. The 14-period weekly RSI (63.26) is in the bullish zone and above its prior swing high.

Thus, both the price and RSI rising higher is a sign of positivity. Moreover, the daily ADX (34.18) is in a strong uptrend and shows a strong trend in the stock. The +DMI is well above the -DMI. The MACD has given a bullish crossover lately. Meanwhile, the OBV continues to rise and indicates good strength from the volume’s perspective. The Elder Impulse system has indicated a fresh buy while TSI and KST indicators also show good strength. In a nutshell, the stock is technically strong.

In its recent quarterly result, ACC posted a rise of 15% YoY to Rs 4468 crore in net sales. In the past 3 months, the stock is up 14% and has outperformed the Nifty 50 index. With sound fundamental figures and strong technical, the stock is expected to see a positive mood from the investors. It is expected to continue on its bullish trajectory. Long-term investors can keep a watch on this stock to track its further developments.

With a market capitalization of about Rs 45,500 crore, it holds a strong presence in the cement industry.

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