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Lokeshwarri S. K.

We had discussed the formation of a triangle from the July 6 peak, in our last column. This outlook is still valid as the stock has neither fallen below Rs 490 nor risen above Rs 550.

The price is poised just above its 200 day moving average. We continue to remain neutral on this stock. The oscillators are indicating weakness.

A close below Rs 490 will make our outlook negative. The stock can then fall to Rs 456. Fresh longs should be initiated only if the price rises past Rs 540.

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