Stock is trading below 150 and 200 days moving Average since three months when recently 20 days SMS. Since becoming the near down Zigzag below 274 to 246 will work as the near support for meddle term. More selling can be after breaking given support and being close below it.
Stock creates on quarterly chart a format of rectangle triangle in a down trend which...
ACC can be shorted because of a head and shoulder that's formed over a very long period. It can be shorted for a period of 3 months plus. THIS IS A LONG TERM TRADE. Its not meant for a short term period of time. It can be traded over a period of 3 months plus.
You could short it because 21 Weighted Moving Average is hitting the current candlestick and is now giving a bearish move. Its respecting the current downward trend line and you can expect it to fall more. You can keep the stop loss and target as mentioned over here.
Nifty just completed its wave 4 - at 8270. Entering into wave 5.
It looks like wave 1-2 in formation - expecting wave 2 bottom to be around 8500 or below.
So till then it's Wait & Watch.
The Nifty is trading at the bottom of the uptrending channel that started in Feb 2014. Also, it is near to the 50EMA line. Given that the long term and medium term trend is still up and short term is down, if at all the reversal has to happen, it could be at this point. Stop-loss can be kept at 8170.
Nifty is now trading at the bottom of the uptrending channel. It is also at the 50DMA. If at all the short-term reversal has to happen, it is at this point.
