Home / Markets / Stock Markets /  Morgan Stanley buys stake in this cement stock. Experts give 'buy' tag

Stock market today: American multinational investment management and financial services company Morgan Stanley has bought stake in Indian listed cement company ACC. As per the bulk deals data available on NSE, Morgan Stanley Asia (Singapore) has bought 9,41,557 ACC shares paying 2290 apiece. This means, Morgan Stanley has invested 2,15,61,65,530 or 215.61 crore in ACC through this bulk deal, which was executed on Friday last week. After the outbreak of this news, ACC shares opened upside and hit intraday high of 2305 on NSE. However, profit-booking soon triggered in the scrip and the stock has come down below 233 now.

According to stock market experts, the stock is in sideways channel of 2050 to 2350 and it has surged from its lows and moving towards the upper hurdle placed at 2350. Once, ACC share price gives breakout above 2350 apiece levels, the stock may go up to 2500 levels in short term.

ACC share price outlook

Speaking on ACC share price outlook, Sumeet Bagadia, Executive Director at Choice Broking said, "The stock is trading in sideways channel of 2050 to 2350. It has surged from the lower levels to upper hurdle placed at 2350. Once the cement scrip gives breakout above this hurdle on closing basis, it may go up to 2500 levels in short term. An investor can buy the stock at current levels and keep on accumulating till it is above 2100 levels and hold the stock for short term target of 2500 apiece levels."

ACC share price target

Suggesting buy on dips strategy to positional investors, Anuj Gupta, Vice President — Research at IIFL Securities said, "ACC shares have snail-marched from its lows to higher levels in last two months and it may give sharp upside move after closing above 2400. Those who have this stock in their portfolio are advised to hold the stock for immediate target of 2400 and short term target of 2500 and 2600 respectively."

From May 2022 to mid of June 2022, ACC share price has been in base building mode. However, the cement stock has been rising from the mid June to till date, signaling an end of consolidation phase.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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Asit Manohar

Chief Content Producer at Live Mint Digital Team
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