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The sharp surge in this stock witnessed on Friday took the stock price beyond the short-term resistance at Rs 460. The stock has now moved above the 50-day moving average.

The next resistance for the stock exists at the 200-day moving average that is positioned at Rs 489. A firm close above Rs 490 will make the medium term outlook positive for this stock.

Momentum indicators in the daily chart are giving tentative buy signals. Weekly oscillators are following suit. However, a close above Rs 490 should be awaited before playing long in this stock.

Lokeshwarri S. K.

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