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The stock could not rise past Rs 1,300, the short-term resistance we had indicated last week, and slid from an intra-week high of Rs 1,281. The movement from the Rs 1,165 lows looks like the second leg of the correction that started from the high of Rs 1,378. This correction can have another upward moving wave that can take the stock to Rs 1,267, Rs 1,311 or Rs 1,355.

A rally past Rs 1,355 should be seen before fresh buys are contemplated. A reversal below Rs 1,300 will drag the price lower to Rs 1,149 or Rs 1,067.

Lokeshwarri S. K.

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