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B. Krishnakumar

The price action was in sync with the bearish outlook featured last week. The stock ruled weak and also dropped to the target zone at Rs 3,000-3,025. After sliding to a low of Rs 2,988, the stock closed at Rs 3,021.

The stock is ruling close to the crucial support zone at Rs 2,980-2,990. A close below Rs 2,980 would impart further weakness and could result in a drop to Rs 2,875-2,890. We favour the continuation of the bearish trend. A drop to Rs 2,875-2,890 remains our preferred view.

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