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The stock has slipped below the medium-term support at Rs 1,100. The next reliable support for the stock exists at the 200-day moving average at Rs 1,004. If we extrapolate the move from the high of Rs 1,378, the C-wave has the targets of Rs 1,070 and then Rs 974. Since the first target has already been crossed, the stock can stabilise in the band between Rs 970 and Rs 1,000.

Investors should contemplate fresh longs only if the stock price closes above Rs 1,155. Inability to rally beyond Rs 1,135 would be a sign of impending weakness in the short term.

Lokeshwarri S. K.

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