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The stock closed the week with an 8 per cent loss. This down-move is the correction of the rally recorded since March.

The silver lining is that 30 per cent retracement of this up-move has already been completed.

The stock could stabilise between Rs 550 and Rs 560. But a fall below Rs 560 will give the medium term targets of Rs 530 and then Rs 500.

Minor pullback can take the stock to Rs 608 or Rs 623.

Reversal from either of these levels will be the cue for traders to go short with a stop at Rs 625.

Lokeshwarri S. K.

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