UltraTech, ACC: Price breakout suggests more upside for cement stocks

Shares of cement makers have done well at the bourses over the past few weeks after sector majors UltraTech Cement, ACC and Ambuja Cements reported good operational performance in the June quarter

ACC Ltd (ACC):  As the price approaches the 200-weekly moving average (WMA), which is at Rs 1,474 levels, the counter has started witnessing profit booking. The 200-WMA has become an immediate resistance and the next breakout appears to be above Rs 1,474 levels. That said, the overall trend looks promising as the Moving Average Convergence Divergence (MACD) has crossed the zero line in an upward direction, as per the weekly chart. The current price is trading above 200-day moving average (DMA), which signals a bullish sentiment, as per the daily chart. The supports are placed at Rs 1,385 and Rs