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After hitting a low of Rs 1,723 last Monday, the stock clawed its way back to close above Rs 1,800.

There has been a slight pick-up in volumes though the momentum indicators on the daily chart continue to signal a sell. Resistance will be encountered as the price nears the Rs 1,850 mark.

Fresh longs should be initiated only on a breakout above Rs 1,850.

Failure to cross Rs 1,840 early next week will drag the price lower to Rs1,757 and then Rs 1,707.

Lokeshwarri S. K.

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