ACC hits 2-week high; technicals suggest end of downtrend

Last Updated: Wed, Nov 30, 2016 12:13 hrs
Workers unload cement bags from a truck near the construction site of residential buildings in New Delhi

Shares of cement manufacturer ACC Ltd rise 2.63 pct to 1354.75 rupees, their highest since Nov. 16.

Stock price cuts above its 14-day Simple Moving Average(SMA).

RSI crossed above 30 on Monday from oversold zone, a positive for the stock.

Trend Intensity indicator (TI) starts falling from a high of 39 points, suggesting downtrend is losing steam.

MACD crossed above its signal line on Tuesday, another positive for the stock.

Stock down 3 pct this year as of Tuesday's close, compared with a 2.46 pct gain for the NSE index.

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