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The scrip was static last week. The upward channel that can be drawn from the June 2006 lows continues to support the stock. The lower boundary of this channel is present at Rs 1,300. The short-term outlook will be positive as long as the stock stays above this support.

Short-term traders can play long in this stock with a tight stop at Rs 1,300. The short-term targets on the upside would be Rs 1,402 and then Rs 1,463. Though short-term oscillators are signalling a buy, the weekly indicators do not conform yet. Tread with caution till the stock closes above Rs 1,465.

Lokeshwarri S. K.

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