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The stock moved higher last week, in line with our expectation. The stock has the short-term targets of Rs 1,047 and then Rs 1,076. Some profit can be booked on short term longs if the stock sputters around Rs 1,050. We continue to maintain that the medium term trend in this stock is sideways.

The upper end of the medium term range exists at Rs 1,050. Both the 50-day as well as the 200- day moving averages are positioned around Rs 1,050. A reversal from this resistance can take the stock back towards its near term low of Rs 915.

Lokeshwarri S. K.

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