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The counter was yet another pivotal that retreated to a somnolent state last week. It hit an intra-week low of Rs 1,252 and an intra week high of Rs 1,311.7. We stick to our view that the medium-term outlook will stay positive as long as it stays above Rs 1,220.

For the short-term, the price is moving in an upward moving channel between Rs 1,250 and Rs 1,318. A breakout beyond Rs 1,318 can take the price to Rs 1,350 and then Rs 1,387. Buy on dips with a stop at Rs 1,220.

Lokeshwarri S. K.

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