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The scrip made an intra week low of Rs 2,000 on Monday and spent the rest of the week trying to stabilise at lower levels. As mentioned last week, the move from the low of June 2006 is currently being retraced.

The 38.2 per cent retracement of this move falls at Rs 1,972. If the stock stabilises above this support, the long-term outlook will stay positive.

The short-term outlook, however, stays negative until the stock stays below Rs 2,275. The correction that started on February 19 can have more legs that will keep the stock volatile in the short term.

Lokeshwarri S.K.

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