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B. Krishnakumar

The price movement was in line with expectations.

The stock ruled weak and also dropped below the target zone of Rs 930-940 that was mentioned last week. The recent price patterns indicate that the downtrend is not over as yet. The stock could drop to Rs 875-880 shortly.

A test of the crucial support zone at Rs 840-850 is also not ruled out. Investors may look to reduce exposures. Any short-term upward trend may be used to reduce exposures. Traders may consider short positions on intra-day rally, with a stop-loss at Rs 940.

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