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The quandary on the chart continues.

The stock is not breaking out on either side of the trading range that it is confined to since the beginning of August.

The lower boundary of this range lies at Rs 500 and the upper boundary is at Rs 540.

A close below Rs 500 will make the price head towards Rs 480 and then Rs 455. On the upper side, a close above Rs 540 is required before an uptrend can be re-established.

Our outlook continues to be neutral till the price breaks out of this range.

Lokeshwarri S. K.

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