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This stock moved lower to an intra week low of Rs 1,950. As we have been repeating, the medium term outlook is negative for this stock. The short-term trend is neutral.

The sideways move since Rs 1,912 seems like the second leg of this down trend. The third leg from the Rs 2,439 peak has the target of Rs 1,814 over the medium term.

This bearish overtone can be mitigated on a close above Rs 2,150. The moving averages at Rs 2,058 will be a crucial impediment this week.

Inability to overcome this hurdle should be a cue to go short with a stop at Rs 2,070 and the target of Rs 1,838.

Lokeshwarri S. K.

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