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There has been a sharp breakout last week, vindicating our positive view for this counter. The price has raced past its previous all-time high of Rs 1,060 to hit an intra-week high of Rs 1,110. The rise in prices on Thursday was accompanied by a spurt in volumes. Weekly oscillators, too, point towards further room on the upside for this stock.

We can expect the stock to rise higher to Rs 1,159 and then to Rs 1,226 in the short term. The medium-term target for this stock is Rs 1,334. Hold the stock with a stop at Rs 1,040. Fresh positions can be initiated on dips with the same stop.

Lokeshwarri S. K.

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