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This scrip had a negative close on all five days of last week. The short-term trend is downwards. The 10-week ROC is below the zero line and the 14-week RSI has retreated to 44. This denotes the possibility of the stock launching into a medium-term correction.

The stock is heading towards Rs 455 and then Rs 444. If the price falls below Rs 444, it can go all the way to Rs 376. Any rally will face resistance at Rs 508 where both the 50- and 200-day moving averages are positioned. Fresh long positions should be initiated only on a close above Rs 510.

Lokeshwarri S. K.

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