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The stock consolidated sideways between Rs 970 and Rs 1,000 last week. This is the first red candle on the weekly chart since the medium-term uptrend began on July 24. The oscillators on the daily chart have begun to signal a sell. The weekly momentum indicators have reached overbought levels but there are no sell signals yet.

In other words, there can be some short-term volatility but the intermediate-term uptrend is still intact. Hold on to your long positions with a stop at Rs 960. The targets on a breakout above Rs 1,000 are Rs 1,030 and then Rs 1,068.

Lokeshwarri S. K.

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