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Lokeshwarri S. K.

The movement in this stock was along expected lines last week. The price reversed below Rs 493 to fall to an intra-week low of Rs 466.

The sequence of lower peaks and troughs since early October points towards a strong medium-term downtrend. This trend will reverse only if there is a close above Rs 495.

Though the price is halting at important support zone between Rs 450 and Rs 460, fresh longs should be initiated only above Rs 495.

Failure to rally above Rs 490 will take the stock lower towards Rs 459 and then Rs 450.

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