Stock name: ACC
Time frame: Daily
Observation: The stock has been in an uptrend since March 2020 lows and has been in a consolidation for about an year now. It has very recently broken out of the range with heavy volumes, did a retest and has bounced from there. If it sustains above the level of 2570, we can see some good upside momentum in the stock.
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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.
News for the day:
1) Direct tax collections continue to grow at a robust pace, a clear indicator of the revival of economic activity. The figures of Direct Tax collections for the FY 2022-23 as on 17.09.2022 show that net collections are at Rs. 7,00,669 crores, compared to Rs. 5,68,147 crores in the corresponding period of the preceding Financial Year, representing an increase of 23%.
2) Shares of Can Fin Homes Ltd plunged over 5% to 545 apiece today after the company said its CEO Girish Kousgi has conveyed to the board on September 19, 2022 about his decision to resign from the post of MD & CEO of the company for personal reasons.