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The price reversed from our support of Rs 1,020 and rose to an intra-week high of Rs 1,200.

The resistance at Rs 1,150 was decisively breached last week, a positive end to a long-drawn consolidation phase.

The Rs 1,130-Rs 1,150 zone will now act as an important short-term support in the event of any fall.

Price seems to be heading towards Rs 1,247 and then Rs 1,287 in the short-term. Buy on dips with a stop-loss at Rs 1,088. Support below Rs 1,088 would be found at Rs 1,020.

Lokeshwarri S.K.

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