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The stock was among the strong performers last week, recording a gain of 3 per cent. The medium-term trend in this stock is sideways. A triangle seems to be complete since the peak formed in the third week of November. It is hard to determine if it is a terminal corrective wave more commonly called a rounding top or a consolidation in an upmove. A breakout beyond either Rs 2,280 or Rs 2,130 will help in clarifying that point. We continue to advise caution in this stock. Fresh longs should be initiated only above Rs 2,300. A fall below Rs 2,130 can take the stock to Rs 2,050 and then Rs 2,000.

Lokeshwarri S. K.

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