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The correction that began on May 8 proved to be short-lived. But the up-move last week was equally tentative leading to the assumption that the stock is in a shallow medium-term corrective phase. Since one zigzag move is complete from the trough formed at Rs 680, this would be an X wave that preceded another three-wave move.

This count has bullish connotations. If the stock sustains above Rs 930, we can expect a move to Rs 938 and then to Rs 996 over the medium term. Caution needs to be exercised as the stock nears the 200 DMA positioned at Rs 940.

Lokeshwarri S. K.

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