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This stock hit a low of Rs 399 last Thursday before staging a recovery. But the upward move needs to go a little further before we can conclude that the short-term slide has been arrested.

The short- term resistances for the stock exists at Rs 460 and then Rs 480. Investors should buy the stock only if the stock price closes above Rs 480.

The momentum in the weekly chart continues to be weak. The stock continues to trade below its long-term averages. Failure to rally above Rs 460 will be a cue for going short on the counter with a downward target of Rs 380.

Lokeshwarri S.K.

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