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The stock did not make much headway last week, reversing from our first target of Rs 1,253 on Thursday. Our short-term outlook for this stock stays negative. The rally since the low of Rs 1,126 looks like a pull back rally in a down move. The price is struggling to rally above the 50-day moving average. The short-term resistances remain at Rs 1,253 and Rs 1,280.

Inability to rally above Rs 1,280 next week will drag the price lower to Rs 1,099. However, the intermediate term up trend will reverse only on a fall below Rs 1,099.

Lokeshwarri S. K.

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