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Lokeshwarri S. K.

The scrip saw some profit booking towards the middle of last week that pulled the stock to an intra-week low of Rs 2,134. Some caution is advisable with regard to long positions, as the chart has completed a 5-wave pattern from the low of Rs 1,723 made in mid-September.

Short-term support exists at Rs 2,130. A fall below this level can take the price to the support area between Rs 2,050 and Rs 2,070. Our positive outlook for the intermediate term will stay in place till the stock trades above Rs 2,050. Fresh long positions should be initiated only on a close above Rs 2,300.

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