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This counter put up a stellar show last week, gaining 10 per cent. The upward breakout that took place last Monday was contrary to our expectation. It has currently moved beyond the 200-day moving average and is consolidating at a higher band between Rs 495 and Rs 515. The medium term outlook has now turned positive.

But an important intermediate term resistance exists at Rs 520. A rally beyond this level can make the stock head to Rs 542. Those who initiated long positions last week can hold the stock with a stop at Rs 484.

Lokeshwarri S. K.

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